It seems to me that every time the stock market experiences a little correction in 2023 (with a majority of investors still scarred from 2022). Y'all freak out too much, so imma lay it down simply for you to understand
3 Day Golden Cross is STILL IN PLAY, after we briefly topped out in July, we maintained a position that we would play with the 50 / 200 MAs on this timeframe, and we have done just that, formed a broadening descending wedge, & BOTTOMED at the 200 MA on this timeframe.
This move from
SPY
closely mimics SPX in November 2010. where price reached a local double top & corrected to 1172, a FIB RETRACEMENT LEVEL... Before making the move higher
I believe a similar move is in play today. If this were to unfold, this would mean the following will play out in the rest of 2023:
- SPY corrects to 448 by the end of the year
- SPY resumes uptrend in January & takes back all time highs by the end of January
While this may be disappointing for us Bulls to hear given how we are chanting for ATHs by the end of 2023 with a Santa clause rally... We must take into consideration that this correction could very well take place before making the next major move beyond ATHs
Have PAYTIENCE my friends... Buy some stonks, Cryptos. Remember 2 DCA. The golden days are COMING in 2024!!!!
3 Day Golden Cross is STILL IN PLAY, after we briefly topped out in July, we maintained a position that we would play with the 50 / 200 MAs on this timeframe, and we have done just that, formed a broadening descending wedge, & BOTTOMED at the 200 MA on this timeframe.
This move from
SPY
closely mimics SPX in November 2010. where price reached a local double top & corrected to 1172, a FIB RETRACEMENT LEVEL... Before making the move higher I believe a similar move is in play today. If this were to unfold, this would mean the following will play out in the rest of 2023:
- SPY corrects to 448 by the end of the year
- SPY resumes uptrend in January & takes back all time highs by the end of January
While this may be disappointing for us Bulls to hear given how we are chanting for ATHs by the end of 2023 with a Santa clause rally... We must take into consideration that this correction could very well take place before making the next major move beyond ATHs
Have PAYTIENCE my friends... Buy some stonks, Cryptos. Remember 2 DCA. The golden days are COMING in 2024!!!!