After the selloff began, the price retraced 50% of it's losses before moving down further to the recent low. We've now retraced almost 50% again. I'm wondering if we can hit the 50% retracement and continue downward like we did previously or if we've gotten as close to 50% as we're going to already and are now going to head down from here. The 20 day EMA and 10...
The market may bounce out of the current ascending triangle formation up to 2700 which is a previous support/resistance level upon announcements of monetary and fiscal stimulus plans. I'm 40 percent confident this will happen, just throwing a number at it based on gut feel, not using statistics or anything. Minor Elliott wave "A" should be complete around 2000...
No, I am not serious, but you never know, a lot of jobs have been shipped over seas since the 90s. Perhaps the line labeled "support" represents the real support of the market and the price action above it is all bubbles of debt and speculation.
If the market reaches new lows this month, the next fib retracement level is 1.618 which is $250. This level coincides with the long-term trendline going back to 2009. The green rectangle shows the area of resistance.
The RSI seems to trend down with the price which bounces off of a well-established trendline once the RSI down trendlines are broken.
I think if the RSI breaks the lower RSI channel line, the price will go down, if it breaks the upper downtrend line, the price will go up.
Double Top reversal with volume-confirmed intermediate-term downtrend with minor upward fluctuation approaching support. Reversal point expected in coming days. Historical corrective downslope used to anticipate minimum downward trajectory of intermediate trend.