Hi Guys
Hope you're all doing well today.
As you can see if you zoom in and scroll through the chart. I have highlighted the price rally %'s every time the market broke
through the 20 day MA on the 1 Day chart.
This has happened +/- 11 times since the bear market took over. With the market only hitting 30% plus in gains 3 times. At present we are sitting on 37% 34 days in.
1: 12th April 2018 - 5th May 2018 = 24 Days | 30% Plus
2: 16th July 2018 - 25 July 2018 = 10 days | 30% Plus
3: 5th March 2019 - 8th April 2019 = 34 Days | 30% Plus.
The market has never hit 40% post bull run after any of these price rallies above the 20 MA.
So as the header says, is that correction ready to go ?
We know the market is clearly over bought atm.
With possible price level correction trigger points at:
$5380 | $5680 | $6150 | $6450
Could this be the right op to set a counter trade this rally and short the market to re-buy in the mid to lower $4000's or accumulate further and fill those bags for the long game near the bottom of the correction.
One must not forget this is still a sellers/bear market/trend. So getting in to buy should be at the best possible price (for the long game) and shorting is validated until $6500 is truly broken with price holding above. As that would signal the beginning of the trend reversal.
This is just a basic analysis and my personal opinion/ TA.
Your thoughts, advice, comments and opinions are valued and welcomed.
Keep Well.
Regards
Peter.
Hope you're all doing well today.
As you can see if you zoom in and scroll through the chart. I have highlighted the price rally %'s every time the market broke
through the 20 day MA on the 1 Day chart.
This has happened +/- 11 times since the bear market took over. With the market only hitting 30% plus in gains 3 times. At present we are sitting on 37% 34 days in.
1: 12th April 2018 - 5th May 2018 = 24 Days | 30% Plus
2: 16th July 2018 - 25 July 2018 = 10 days | 30% Plus
3: 5th March 2019 - 8th April 2019 = 34 Days | 30% Plus.
The market has never hit 40% post bull run after any of these price rallies above the 20 MA.
So as the header says, is that correction ready to go ?
We know the market is clearly over bought atm.
With possible price level correction trigger points at:
$5380 | $5680 | $6150 | $6450
Could this be the right op to set a counter trade this rally and short the market to re-buy in the mid to lower $4000's or accumulate further and fill those bags for the long game near the bottom of the correction.
One must not forget this is still a sellers/bear market/trend. So getting in to buy should be at the best possible price (for the long game) and shorting is validated until $6500 is truly broken with price holding above. As that would signal the beginning of the trend reversal.
This is just a basic analysis and my personal opinion/ TA.
Your thoughts, advice, comments and opinions are valued and welcomed.
Keep Well.
Regards
Peter.