tipere445

Keep an eye on this one

AMEX:EFA   ISHARES TRUST MSCI EAFE ETF
Good day folks,

I am currently working on my watch-list for this year, and I found this chart very interesting. Of course, this is a very long time-frame and things could change drastically, but there is information on it that raises pertinent questions about what is going on in the market ATM.

EFA is in a triangle within a larger triangle, and it just bounced from its channel support. There is 2 possibilities IMO: the market continues down, the uptrend is over and the recession hits, or the channel holds, the price goes up to the top of the triangle, hits the resistance around 70 (flattening), then reverse to crash in 2022-2023.

Is this chart going to predict the future? Maybe not, but I will certainly keep an eye on it. After all, this is a very long time-frame and the patterns are very clear, so I must give it some credit.

Thank you,
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