This corrective structure that we have been in since the end of March is one of the messiest I've seen.. I'm still Bearish.. I believe we are completing an Ending Diagonal pattern (for downside) which may take until the end of this month to play out.. Possibly even tag the ATH before going down.. I would start loading up on Sells around there.. This seems to line up with the fact that the VIX and DXY are bottoming out on their charts.. I also see divergence in the MACD and also RSI heading towards over bought zone so this gives me more confidence in the downside.. if it breaches the ATH I have to reassess..
No way we’re hitting ATH now. The panic seed has been planted! B)
PHICAPITALINVESTMENTS
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@ProfitHarvest, She can still tag the top, perhaps even overshoot if she wants for a bull trap.. and still come down :) In my experience, if she's this close to the ATH, or any significant historic price level, she's bound to at least tag it! This chart is quite the cheeky little devil so I will remain cautiously Bearish for the time being.. but also be prepared to pivot if she shows signs of strength for the upside..
ProfitHarvest
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@weeno310, seeming most likely the bounce from June lows WAS the bull trap and it just fizzled as Big Money saw R/R ratio drop and started pulling their money.
PHICAPITALINVESTMENTS
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@ProfitHarvest, Well, we will know soon enough! Is it a coincidence the election is only a little over 3 months away? ;)
Alkeidess
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Where do jou see DXY bottum ?
PHICAPITALINVESTMENTS
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@Alkeidess, HI! Please take a look at my DXY analysis posted today: