I am taking a look at the 4hr chart this morning and I noticed we have scratched and clawed our way back above 8k. I also noticed that when I zoom out on a larger time frame (daily) I see that this particular area (8k region) acted as support and resistance for a good while back in May - June of this year. Consolidation happened at this range on the way up to 14k. Now that the bears took over we see consolidation happening in the same region. That is why you should always zoom out (especially when in doubt) I have never used "ghost feed" before (it draws bars on the chart to show what I think could happen in the near future) I think we go up to around 8265 and get slapped down. The reason I think this is the bottom of the cloud is there along with the 50 MA (it is heading in that direction) When 2 indicators merge like this it provides more resistance than a single indicator alone. Once we bounce off the bottom of the cloud we could go as low as 7800 which has provided some decent support over the last 2 weeks. Every single time we hit that magical 7800 area we have seen good bounces. But one thing you should also keep in mind is every subsequent bounce has been smaller and smaller. We should all keep this in mind. Along with the fact that we cannot get over the 200 MA on the daily that death cross is also coming (also on the daily) and it spells bad news for the bulls. Even though we may see some small fluctuations I am still over all bearish. The Bolinger bands are a bit wider at this time due to some recent volatility (on the smaller time frames) But on the daily the Bolinger bands are tight and show that a move is on the horizon. I posted it on yesterdays chart as well but my target is between 6500 and 6800. Daily volume as of right now is at $14,813,379,844 which is a slight decrease from the last chart I shared. The bulls need volume to turn this around. Its possible for the bulls to turn this around. But my money is on the bears at this point... (But WTFDIK right?)
