Since September 2019, I have noticed
IBOV
is following the action as 2008. We saw that on the TOP and are seeing once again on the attempt to blow the roof at 120k.
This week I heard a Top Brazilian trader Stormer, alerting that we could repeat the cycle of slow bleeding after falling 120k once again. I went to make the study and confirm! I didn´t see this time before the warning, because my mind was set that we should have one leg down and we didn´t have at least 60% retracement as 2008, I guess all that FED liquidity and local government, helped that not to happen.
We have everything to be on a Top, and should test 89500 - 88000 to repeat the cycle. compare the action from 2008, see the bottom, how price was trapped in same Fib retracement levels.
Let me know what you think.
Not financial advice, just ideas to improve my studies.
IBOV
is following the action as 2008. We saw that on the TOP and are seeing once again on the attempt to blow the roof at 120k. This week I heard a Top Brazilian trader Stormer, alerting that we could repeat the cycle of slow bleeding after falling 120k once again. I went to make the study and confirm! I didn´t see this time before the warning, because my mind was set that we should have one leg down and we didn´t have at least 60% retracement as 2008, I guess all that FED liquidity and local government, helped that not to happen.
We have everything to be on a Top, and should test 89500 - 88000 to repeat the cycle. compare the action from 2008, see the bottom, how price was trapped in same Fib retracement levels.
Let me know what you think.
Not financial advice, just ideas to improve my studies.