Is the 1929 Bear Market Rally back to haunt us ? Part 2
Mapping the 1929 bear market rally to what we are seeing now, is there some similarities ?
There is a resistance at 25,218 which is based on the price action structure. However, many analysts are basing on the popular 200 MA as the next resistance level. That would roughly gives us 26,000.
So, here we are at a crucial cross junction where the price action will soon tells us if the rally is a bear market rally or a genuine bull market run. If it is the latter, then it is a V-shape recovery, probably one of the fastest to recover as well in history.
Different school of thoughts presented in the media and it can be daunting for any traders including experienced ones to decipher the next steps.
When unsure, wait at the sidelines and watch the price action. No need to worry about FOMO, if you could catch the middle of the entire bull run (if it is), you can still make a lot of money.
Catching the bottom is not a testament that you are a better trader as the professional hedge fund managers have gotten it wrong so many times. So, let's not be too hard on ourselves and wait for clarity.
There is a resistance at 25,218 which is based on the price action structure. However, many analysts are basing on the popular 200 MA as the next resistance level. That would roughly gives us 26,000.
So, here we are at a crucial cross junction where the price action will soon tells us if the rally is a bear market rally or a genuine bull market run. If it is the latter, then it is a V-shape recovery, probably one of the fastest to recover as well in history.
Different school of thoughts presented in the media and it can be daunting for any traders including experienced ones to decipher the next steps.
When unsure, wait at the sidelines and watch the price action. No need to worry about FOMO, if you could catch the middle of the entire bull run (if it is), you can still make a lot of money.
Catching the bottom is not a testament that you are a better trader as the professional hedge fund managers have gotten it wrong so many times. So, let's not be too hard on ourselves and wait for clarity.
Comment:
Finally, it breaks down from the ascending wedge. Let's see if the selldown continues next week or is this a fake breakout.
