IMHO this stock is to go down from ~34.5
1) On the long distance this can be an accumulation.
2) But I think in trading range could be a nice little short.
3) If I am wrong about the 1st point, then it can be also a longer term short trade.
I think this stock is very bullish. What do you guys think?
White is the DOW30 index. You can see strongest and weakest. So if markets go down, you short the weakest. If markets go up, you long strongest. On pullbacks of course.
Do you think it is a shakeout before next bull run? Or a start of a bear market?
You can see strong and weak sectors on this chart. White thick line is SPY.
I'm in study of Richard Wyckoff's trading method. This chart is how I understand his doctrine.
I may be wrong, so you are free to critic and comment.