In heavily volatile times, it always helps to zoom out and see what the market is telling us.
I urge you to take a look at the chart and draw your own conclusions before you continue reading.
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I must say, after the pump last night, it seems like things are looking up and I was feeling very bullish. Upon taking a broader look at the market, we are still in a fight with the 20-week avg. (And still below it).
Historically, the three bottoms off the 200-week average are the best indicators in use to call a bottom... Sitting at 3-0. But that is still a ways away, until the weekly breaks and closes above the 20-week, I can safely say we are in for a fight amongst the bulls and bears.
Take-home lesson...
When in doubt, zoom out.
Edu. only!
I urge you to take a look at the chart and draw your own conclusions before you continue reading.
-------------------------------------------------------------------------------------------------------------------------
I must say, after the pump last night, it seems like things are looking up and I was feeling very bullish. Upon taking a broader look at the market, we are still in a fight with the 20-week avg. (And still below it).
Historically, the three bottoms off the 200-week average are the best indicators in use to call a bottom... Sitting at 3-0. But that is still a ways away, until the weekly breaks and closes above the 20-week, I can safely say we are in for a fight amongst the bulls and bears.
Take-home lesson...
When in doubt, zoom out.
Edu. only!