dRends35

CVNA - When Its Time To Buy You Won't

Long
NYSE:CVNA   Carvana Co
Title is not advice btw just psychology of markets.

CVNA looks fairly deep here with low down 71% and having diverged up from RSI @ 21 - lowest ever reading, even much lower than 2020 lows that only hit 30.

In addition CVNA pierced through the lowest fib of the GRM indicator and a "DIP" buy signal has appeared for only the 2nd time.

If RSI remains above lower band it looks good for a bounce I think. If price falls below then low then perhaps not.

Not advice.
Comment: Down 8% here and printing an evening star with SPX looking bearish I think i'll save long trades like this for when SPX crashes and remain heavily net short. Thats not to say it cant pump here, but this is about sticking to my strategy for RR. I'll continue to chart this anyhow.
Comment: Bearish candle engulfing body of previous bullish reversal. This one will be going lower for a real crash potentially and I'm staying well away.
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