Let's have a look at the September close as the market gears up for a wild October.
Things to note:
- price broke & closed below the bear-flag channel on Sept 13
- set lower low on Sept 27
- held support & closed ABOVE the 50EMA on the monthly TF
Our relief rally target is the Golden Pocket @ $390ish.
Bear targets:
- Bear target #1 $325
- Bear target #2 $307
- Bottom target $290, which coincides with the 100EMA.
The 100EMA is an area of interest for us here, as it marked the bottom of the Covid crash back in 2020.
So how does it all play out? I'm thinking we could go lower into the coming week & set a local low there around the 50EMA & then get a relief rally anywhere up to the GP/BF channel before getting rejected into mid Oct & take our final leg down into late Oct/early Nov.
Does it have to play out like this? No, so be smart, watch the charts, manage your emotions, and be ready to take some high-value long entries if/when you see our bottom range hit.
Things to note:
- price broke & closed below the bear-flag channel on Sept 13
- set lower low on Sept 27
- held support & closed ABOVE the 50EMA on the monthly TF
Our relief rally target is the Golden Pocket @ $390ish.
Bear targets:
- Bear target #1 $325
- Bear target #2 $307
- Bottom target $290, which coincides with the 100EMA.
The 100EMA is an area of interest for us here, as it marked the bottom of the Covid crash back in 2020.
So how does it all play out? I'm thinking we could go lower into the coming week & set a local low there around the 50EMA & then get a relief rally anywhere up to the GP/BF channel before getting rejected into mid Oct & take our final leg down into late Oct/early Nov.
Does it have to play out like this? No, so be smart, watch the charts, manage your emotions, and be ready to take some high-value long entries if/when you see our bottom range hit.