Are we near capitulation?
Now that the long term market structure has broken, along with my dreams of retiring next year, the next question is how long will this hell go on for?
Given how long that price consolidated in the descending triangle, I think it's reasonable to assume that we are in the midst of a sharp move that will take us to a capitulation event that I expect to complete in the next week.
Capitulation Price Target
I'm eyeing up the 100 week moving average, which matches up with the high of June 2017 as my capitulation target - so $3,000. Before I buy back in, I want to see the weekly RSI hit sub 30.
Then what?
IDK. Perhaps a rounding out? I've copied some price bars from the equivalent point in 2014 which look reasonable.
Good luck trading. Hope you guys are all OK.
Now that the long term market structure has broken, along with my dreams of retiring next year, the next question is how long will this hell go on for?
Given how long that price consolidated in the descending triangle, I think it's reasonable to assume that we are in the midst of a sharp move that will take us to a capitulation event that I expect to complete in the next week.
Capitulation Price Target
I'm eyeing up the 100 week moving average, which matches up with the high of June 2017 as my capitulation target - so $3,000. Before I buy back in, I want to see the weekly RSI hit sub 30.
Then what?
IDK. Perhaps a rounding out? I've copied some price bars from the equivalent point in 2014 which look reasonable.
Good luck trading. Hope you guys are all OK.