I'm not saying much just worth pointing out for short term trend reversal patterns.
As far as China and buckling under pressure. I think looking weak in the face of democracy is the last thing they want with all those protests going on.
I have written most of what I wanted to say here in the chart. Sometimes you need to picture what the alternative looks like to know how ridiculous it sounds.
Take out the noise. Focus on the data. Stop reading the tweets.
Welp I'm about 90% confident we are not rebounding until wave c is over. Took long enough to make this final formation.
All but clear bear flag. No not a triple bottom have you ever seen such a thing in the history of the S & p on a long term bull trend dip/correction? Please show me I am not all knowing.
Will I be embarissed if it does some crazy 180? Nah,...
I have been reading article and article of people saying "I's not bear season" and that things are looking bullish even though talk has been bearish. So I'm forced to explore alternatives. I have placed my personal bear and bull scenarios for the short term. I'm probably going to be surprised either way.
Last time we had a panic attack like this in the market was arguably back in October-Nov 2018. Now I know things don't always happen the exact same way but why did we come up with chart analysis if it had 0 meaning or use? It isn't superstition. It is a tool.
To train in chart analysis we often put our selves in situations that have happened before but we...
Call me a pessimist. Breaking out above 2900 may invalidate. Inverse C+H possible. I believe double bottoms are used mostly in long term down trends and not short term dips. Keyword mostly. My experience trading is only 4 years but I'm extremely studious. The fact that I have not yet seen wave C in this correction keeps me from trying to see the bull.
Some points to consider.
#1 This is a symmetrical triangle topping a bull flag it can go either way although in any normal market conditions it should continue bullish.
#2This stock has only 30 some odd share holders which means most of the company is own by a small group of people and there isn't a whole lot of people to dump this on.
#3 anything can happen...
Probably safe just playing the dip and rip game here in this downward channel. We probably won't have another breakout until after earnings call (or a mass exodus) but by then we might be knee deep in a recession. Play safe and DYOR.
There is not much I can say other than one more day at least for strong bullish movement on this one to complete a three green soldier advance in my opinion. Then I will look for a spinning top and get myself some short term put options.
ACB has had a day of incredible bullish movement. However, we have not yet broken the channel. It is a good time to take bets. I personally don't think the news is enough to break resistance however the volume speaks otherwise.
Green Arrow = movement if resistance broken.
yellow = short term bearish and long term bullish outlook
Red = Bearish with unknown...