Keystone Megaphone Pattern
Posted 11 September 2020 - 08:11 AM
somewhere along the line that pattern stops and it goes higher. Right?
Unless it goes on for infinity. This is not the case...
This is the 7th touch on that pattern.
will there be an 8th?
I guess time will tell.
Posted 11 September 2020 - 08:18 AM
My thoughts on the longer term...
pretty simple actually.
Looking at RUT DOW NYA...the battle lines are clearly drawn.
Bulls need to hold just about where we hit yesterday, and then take out the pivot high, and they are likely off to the races for quite some time to come.
And if we do not hold these levels, then a another big leg down could start to unfold.
Dow --- right at the Maginot line going back for quite a while....position of momo indicator potentially a worry if it does not hold current levels.
RUT --- MASSIVE pivot at 1600... if bulls hold here, and take it out, IT IS OVER for the bears. Back below the 900, and could still get ugly again.
NYA --- similar situation to RUT, but a bit stronger at this juncture
Posted 11 September 2020 - 08:21 AM
Posted 11 September 2020 - 09:32 AM
My guess is that the advance off the March lows completed on Sept 2nd and a relatively minor correction has begun to retest ~2750 level and reactivate the bears (their assistance is needed to reach 4000).
Posted 11 September 2020 - 11:51 AM