I don't see it closing anywhere near $40 on the weekly chart. $60 is really pushing it, and $70 is more likely.
I'd be very leery shorting right now as a long term strategy. This is a consolidation.
But we'll see $ 40
I get a sense that almost everyone is using the same strategy of looking at the timeline of the previous cycle and assuming that we have more than a year left of consolidation before the start of the next rush towards 5-10k. For that reason, I expect an accelerated timeline and much more competition from people trying to get in at the lowest re-entry point...
I wouldn't be surprised if the time between peaks is very compressed relative to last time because as the years go by, the relative risk is decreasing, and a lot of people are predicting another price spike in the future... That self-fulfilling prophecy is the reason why the risk of missing a good entry point only grows as the price decreases...
whars the H&S pattern. explaine me plz. tanx
you mean: Head and Shoulders?