On this post, I am zooming out to weekly chart, looking at longer time frame to capture cyclical trends.
Going back all the way to 2017 inception period, the higher than average volatilities are pretty easy to notice. It moves up really fast but also coming down. Every single time it has entered bear market or the sell signal is triggered, it has corrected well into double digit, easily averaging over 50%. In addition, being overbought and high level cross overs are clear indication to trend reversal as well.
Lastly, the week is too young still to comment yet but as of the end of today's session, it has taken down the up as well on the weekly chart. There are plenty of time left in the week to recover the but we shall see. It would be if it can snap back above by the end of this week. I do not think CRSP will drop to my potential max targets without decent double digit correction in SPY and QQQ .
I will comment on this post after the Friday close to see where it will be by then.
If anyone has any thoughts either or , I would love to hear from you. Also, if you find it interesting, please follow me here.
Have a good trade everyone,