A follow on to our chart before this: “Please read the analysis below to make better sense of this chart.”
As we can see, our pattern for each time the 21 crosses above the 50MA, price tops out and retraces.
Also hitting our 100 EMA resistance in 2015 just as we are seeing in the charts Now - 2023!
However, unlike the 2021 cross, top and pullback followed by a bounce, this time price action plummets right through forming a second bottom in 2015 and a slightly higher double bottom in 2020 (Covid Crash!)
I have also added where the 1D Golden Cross occurred roughly the same area as we topped out.
We know the 1D Golden Cross is very exciting, however, we must always be aware for false signals!
This analysis is pattern charting purposes only. 😊
As we can see, our pattern for each time the 21 crosses above the 50MA, price tops out and retraces.
Also hitting our 100 EMA resistance in 2015 just as we are seeing in the charts Now - 2023!
However, unlike the 2021 cross, top and pullback followed by a bounce, this time price action plummets right through forming a second bottom in 2015 and a slightly higher double bottom in 2020 (Covid Crash!)
I have also added where the 1D Golden Cross occurred roughly the same area as we topped out.
We know the 1D Golden Cross is very exciting, however, we must always be aware for false signals!
This analysis is pattern charting purposes only. 😊