- this week we broke the uptrend (yellow line) that has been going since the beginning of April
- we can see a pattern around the fib 0.618 level, which is extremely and signals a reversal
- we broke the trendline as well
- there's a crossover which signals a change in direction (yellow box)
I think the trend reversal is a given and a matter of time. Are we revisiting the March lows? It's very hard to say. I'm keeping my eye on that blue line (trendline since 2016) as a potential buying opportunity, should it hold.
All that said, bears have been lacking the power to reverse this for a while. One great example is what happened on the 14th of May. There's a lot of manipulation too, with carefully orchestrated press conferences and interviews to prop up the market.
Stay focused, stay safe. Have a great weekend folks.