Because everyone expects it. Nay, demands it as if the market is obligated. Time to pull the rug. The damage done by COVID has set us back at least a decade. It will reflect in the stock market soon. Warning retail to get out of the market as it will go down nasty. The market moves in waves. We had 10 years of stock market growth. We will likely have a quick and deep correction and then toil to get back to newer heights with a legitimate economy to back up the market.
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weekly divergences. looking for 33% to 50% pulback. may not happen but chances of large correction are high given the amount of time rsi/mfi have to reach oversold. folks have been conditioned to buy the dip.
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never say never but not this time. confused? that trend line can allow price to climb along its slope reaching 4k without breaking it. however, the tape has to rest some. divergences on momo indicators. do we crash, never to actually see 4k? no way!
here is how the dip registered on spy that set ath this week.
Expecting a blowoff top first through to 4000, without the decisive blowoff top its unconvincing a correction is impending.
frodo75
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@poister198 that is the way market moves. Unconvincing on the way up and down.
ProfitHarvest
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Ha so true. Seems we are finally there. Much structural confirmation...
traderbonk
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agree. but what if we see a blowoff first.
Based on 1999 we could easily see 8000 first...
frodo75
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@traderbonk did we see a blow off top in feb ‘20? Please show me a big correction (20%+) that signaled correction with a blow off top. Every time retailers were caught with their pants down waiting for the blow off top. Tops sneak up on you. Never come at the ‘announced’ number.
samitrading
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@frodo75, Agree, the sneak up each with it is different formation.