The market looks like in complete meltdown, but for the short term the market is due for a bounce.
38% drop from peak to trough.
Indicators: RSI, BFI, StochRSI overdone Though StochRSI still showing time for more downturn. So looking at a 2 week timeframe for that bounce which should be about 20%.
But the weekly moving averages lets us know we are at the beginning of the fall.
If we look at 2007-2009 there was an original drop of 26% that took about 5-6 months. This current drop about 1 month so 5-6 x quicker. Than we had another 46% drop that took 9-10 months.
38% drop from peak to trough.
Indicators: RSI, BFI, StochRSI overdone Though StochRSI still showing time for more downturn. So looking at a 2 week timeframe for that bounce which should be about 20%.
But the weekly moving averages lets us know we are at the beginning of the fall.
If we look at 2007-2009 there was an original drop of 26% that took about 5-6 months. This current drop about 1 month so 5-6 x quicker. Than we had another 46% drop that took 9-10 months.