All the short term bumping may obscure the facts, we have our first red heiken ashi monthly candle since August of 2016.
Alright, but for the real interesting candles i will show you the daily chart on this instead.
That daily 200 needs to be tested before we can really expect to rally upward anwywhere above 11500.
I'm willing to believe it will hold, but for the moment, the time to buy is not yet here. We are still looking at a continued correction that may last a good chunk of the year.
I recognize a fractal in this chart here too. A steep drop, followed by a bounce, a leg lower, ending in a bulltrap. Then the fractal shows itself again; another steep drop.
Overall, it's showing a repeated bear-flag with a bullflag/false breakout near the end of the pattern.
Zooming in, there are early signs of the fractal shifting; the bounce after the steep drop is less impressive. I think we can rely on this pattern to keep repeating and morphing until at least the daily 200, where the battle lines will be drawn:
Which parabolic ascension trendline will we retrace to? Will we maintain early 2017 levels and maintain the 200 daily moving average? Or do the bears have it, and are we going to the dreaded 3k level?
Stay tuned.
Alright, but for the real interesting candles i will show you the daily chart on this instead.
That daily 200 needs to be tested before we can really expect to rally upward anwywhere above 11500.
I'm willing to believe it will hold, but for the moment, the time to buy is not yet here. We are still looking at a continued correction that may last a good chunk of the year.
I recognize a fractal in this chart here too. A steep drop, followed by a bounce, a leg lower, ending in a bulltrap. Then the fractal shows itself again; another steep drop.
Overall, it's showing a repeated bear-flag with a bullflag/false breakout near the end of the pattern.
Zooming in, there are early signs of the fractal shifting; the bounce after the steep drop is less impressive. I think we can rely on this pattern to keep repeating and morphing until at least the daily 200, where the battle lines will be drawn:
Which parabolic ascension trendline will we retrace to? Will we maintain early 2017 levels and maintain the 200 daily moving average? Or do the bears have it, and are we going to the dreaded 3k level?
Stay tuned.