Good morning again my friends. I am taking a look at the weekly again today. I see that we are still around 2 weeks til we penetrate the cloud. Unless there is a urgent call to arms by the bulls we will be passing through the cloud. Its just a matter of time. We have not been underneath the weekly cloud since May of this year. The 2nd day I started sharing charts was when that run to 14k began (on April fools day) I will never forget that because I almost thought it was some elaborate hoax for April fools. We have since regressed to the 6k-7k range. Thats the way these markets work. Up and down. If you have patience you can cash in. Cyclical. The cloud looks very similar to the last bull run and fall we had back in 2017-2018 and I know the past isnt guaranteed to repeat itself I would still keep a close eye on this ladies and gentlemen. This could get bumpy. I threw a fib speed fan on the chart and these things always work so well. Right now the 1 fan blade seems to be solid support. Combining the fan and the traditional fibs may make the chart look a bit busy but it can show you a lot of potential areas of support and resistance if you can properly digest the info. Looking below the candles I see we are currently tangled in the 50 MA on the chart (orange line) flipping it from support to resistance over and over. If we happen to fall through the cloud we discussed earlier the 200 MA is the next area of support available. That would mean if we did break through the cloud like I think we will and test the 200 MA once again just like the run in 2017-2018 it would bottom at 5500 - 6000. I cannot tell you for sure that is the bottom but I can tell you we have not been below the 200 MA on the weekly in over 4 years. Just wanted to check out the weekly once again and thought I would share. (WTFDIK)
