Very simple analysis, huge bearish power candle going under 200 ema, under VWAP, already but still is under 21 ema, etc. Could see more retracement down to maybe $400-390? Market has been recovering pretty nicely so small retracements like this follow up with strong bullish movements; after this retracement hopefully we can see upsides of 432 and a strong break to the high of 480. Let me know your thoughts :)
"strong break to the high of 480" sounds unlikely given the current macroeconomic climate. This isn't just the US pulling back, this global supply issues, Eurozone tightening rates too, Chinese mortgage crisis, war in Ukraine, etc.
We've been on a 12 year bull run. They don't last forever, and the Fed has said repeatedly they need multiple quarters of stabilizing / reducing inflation to pivot. I wouldn't expect a new ATH sooner than Q3 2023, and wouldn't be surprised if it takes well into 2024 or longer to achieve. I expect more sideways-down action for the remainder of the year, but I'm by no means an expert trader or technical analyst.
We've been on a 12 year bull run. They don't last forever, and the Fed has said repeatedly they need multiple quarters of stabilizing / reducing inflation to pivot. I wouldn't expect a new ATH sooner than Q3 2023, and wouldn't be surprised if it takes well into 2024 or longer to achieve. I expect more sideways-down action for the remainder of the year, but I'm by no means an expert trader or technical analyst.