$DIA Bears VS BULL Final Round (Bears are against the ropes)
Possible start of a bull market or just a reprieve for the bulls? Will the Bears strike a knockout punch? Or do the Bulls have Aaron Rodgers for the hail Mary? The war is nail biting and only the victors write history.
Technical Analysis: I think the market is in a very important place facing 3 major resistance after its latest run up. From a technical perspective the run up in equities is still well within what is expected for a re-tracement and what I believe to be the B wave in an ABC correction. I have noted the major resistances I feel we need to hurdle past before we can call this a new Bull market. Next week will be telling and I would not go into next week short or long any positions (unless they are long term trades). A lot can happen over the long weekend but I fail to see how things can be assumed as okay in the financial world even after (and hopefully soon) we get past covid and people get back to work.
A lot of damage has been done to the world and we could be headed to a global recession.
For the bulls, if we do break above R3 then we can expect shorter bull market before the bears regroup to fight another war.
Please do your DD
Technical Analysis: I think the market is in a very important place facing 3 major resistance after its latest run up. From a technical perspective the run up in equities is still well within what is expected for a re-tracement and what I believe to be the B wave in an ABC correction. I have noted the major resistances I feel we need to hurdle past before we can call this a new Bull market. Next week will be telling and I would not go into next week short or long any positions (unless they are long term trades). A lot can happen over the long weekend but I fail to see how things can be assumed as okay in the financial world even after (and hopefully soon) we get past covid and people get back to work.
A lot of damage has been done to the world and we could be headed to a global recession.
For the bulls, if we do break above R3 then we can expect shorter bull market before the bears regroup to fight another war.
Please do your DD
Trade active:
Look like the Bulls have Fed Chairman Powell as Aaron Rodgers for the hail Mary.
Trade active:
I stumbled across this chart and the author agreed that I could share it. I find it fascinating.
