The progress of this bullish move is dependant entirely on whether we move back into the descending channel. If we bounce off, great. If sink back, not great.
1) The Golden Cross
2) Old S/R levels are always going to be relevant
Anyone selling you specific targets is a GURU WANNABE - avoid them. I've seen too many of them in my time trading. Worthless.
My advice, learn to trade. Don't listen to anyone, everyone is full of shit.
I want to stress that this means NOTHING right now, unless it completes the handle. So I will just monitor it for now:
This market is immature and that makes it extremely prone to large swings. This is not due to MaNIpulAtIOn or whatever LOW IQ dumb shit your favourite Guru talks about when they LOSE YOUR Money.
It's simply due to the fact that professional traders use high tech tools to trade low times frames. If you are reading this, it's highly likely you are not them!
I trade longer time frames, and they can often take WEEKS to form. But the pattern is far more robust. Use that to your advantage.
Longer time frames DEMANDS patience. I will wait to see what happens.
Let's look at the weekly. We very rarely see recovery from this type of action:
As well as that people running 2 week predictions based off 60m charts is the height of stupidity here on TV.
Is that all doom and gloom? Not really, because that's still a general uptrend. It's just people are trying to short term trade a market which isn't conducive to short term trading unless you have any number of high tech trading tools to help you.
So as I keep saying, trade positionally. I'll buy more when I see concrete signs of a reverse and as always i'll keep my thoughts informed here
However this is NOT a target because I am a positional trader. Meaning that if you're not already on the winning side... wait until a trend change.
Go listen to the latest dumbshit Guru peddling two week targets from a 60 minute chart. Or the latest fuckwit who's ideas amount to nothing more than "we could go up or down".
Is it manipulation, coronavirus, China (in general lol) or something else this time??
However I will remain patient until clearer signs on the W.
For now, it's ... interesting only.