- Looking at the Q's a third test of the blue median from the rising blue trend channel seems to be in the making
- If it doesn't hold, we look at the lower band of the blue channel as support. Here we also see confluence with the green support line from the previous 2020 correction bottoms. This would imply a 13% correction from the top
- If things go south and get ugly, the pitchfork median and 2020 pre-corona top may even be tested. This would be an extreme scenario though and would require a 24% correction. However, it is not impossible seeing from how overextended this trend is
Currently it's impossible to tell how things will play out but weakness is forming due to the rising yields. JPow couldn't ease market worries enough so rate hikes seem to be getting priced in at this moment
To be continued...
- If it doesn't hold, we look at the lower band of the blue channel as support. Here we also see confluence with the green support line from the previous 2020 correction bottoms. This would imply a 13% correction from the top
- If things go south and get ugly, the pitchfork median and 2020 pre-corona top may even be tested. This would be an extreme scenario though and would require a 24% correction. However, it is not impossible seeing from how overextended this trend is
Currently it's impossible to tell how things will play out but weakness is forming due to the rising yields. JPow couldn't ease market worries enough so rate hikes seem to be getting priced in at this moment
To be continued...
Comment:
The Q's still held relatively well after a small dip, let's see if Jpow will trash it again today