Overview of the last 2 years or so. You can see the we have clearly broken out of the 2020 rising wedge. It also looks like 2020 was just attempt to regain the rising wedge from 2019 before the COVID correction. I think that the market would have still made it to these higher levels without the correction. The correction just help give the market an extra boost. What really matters is where is it going now. The market is tricky now with bonds rate surging. I don't see a reason why we will not get a bounce of the current trend line. It has shown to be a major support line. IMO I am interest in it testing the trend line again before its bounces. I guess we will find out Monday.
We are not back in bull mode until we break out of the regression down channel.
It'll be interesting to see what the stimulus being passed will do. Gold futures are still dancing on the 1700 line. Wonder if we'll see a bounce and drop or if it'll start a legitimate climb. I'm having a look at the Nikkei, Dax and Gold Futures to see if they have any actionable information.
MRPAPAYA001
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Looking at price action on Friday ... A LOT of people got shaken out before the reversal. Decent bounce should continue for at least a session or two. Look at daily chart of IPOE to laugh a little.