Are we at a significant turning point of time and price?
This long term WEEKLY chart illustrates the significance of the area we are currently approaching.....we may have already arrived.
As you can see we are positioned at the median line of the LONG TERM channel. I think this will provide an area of support that could advance prices to the .62 or .78 fib retracement area outlined with the white box. This most likely will take months to unfold.
There should be excellent gains in many of the stocks that have been thoroughly trashed. In many of these stocks the correction actually started in February of 2021.
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The yellow time & price line on the chart is upon which the Fibonacci circles are calculated.
Pretty high doubtable target but anything can happen in this PPT fake economy
Tradersweekly
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I would not want to buy in these markets. Thanks for sharing, though.
oliverrathbun
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@Tradersweekly, I understand your viewpoint. I see this as a good risk-reward area. MANY top of the line stocks have barely budged in the last two or three weeks. They are being accumulated IMO. Downside risk is always there but at this point it's pretty well defined as illustrated by the chart. That median line has significance since the channel spans decades.