Bulls and Bears both need to cool it with the Extreme Prediction
Too often I see crazy posts following a “big” day.. if it’s really green on a single day bulls are projecting Infinity & Beyond by end of week or whatever; if it’s red on a single day bears are shouting out doomsday predictions.
It’s actually not so exciting. We had a range and technical break which I posted about recently, nothing has been invalidated - target still 50240, becomes invalidated below 41000. In between that we have EMA 5,8 support around current level.
2 most likely scenarios from here:
1) stochastic rsi completes cycle to bottom and price tests the breakout level, black dashed line (at which point it will be oversold and bounce)
2) stochastic turns here around the midpoint and re-tests longer term trendline (light blue diagonal line) for resistance. If that can be re-broken it will resume the path to target.
Yawn.
It’s actually not so exciting. We had a range and technical break which I posted about recently, nothing has been invalidated - target still 50240, becomes invalidated below 41000. In between that we have EMA 5,8 support around current level.
2 most likely scenarios from here:
1) stochastic rsi completes cycle to bottom and price tests the breakout level, black dashed line (at which point it will be oversold and bounce)
2) stochastic turns here around the midpoint and re-tests longer term trendline (light blue diagonal line) for resistance. If that can be re-broken it will resume the path to target.
Yawn.
