Captain_Walker

Is the DJI (Wall Street) in trouble?

FOREXCOM:DJI   Wall Street CFD
Yep - it's beaten me. This is a very weird market where hope and greed rule. America is basically burning down with COVID, supply demand chains disrupted everywhere, no sign of a vaccine "momentarily" as we've been told - yet this market struggles north.

Every drop of good news moves it further north. In the last few days we were told that the cure was found for COVID. No one dares to disagree. Hopes of 'herd immunity' are in there.

This 8H time frame pump north in what appears to be a subtle rising contracting wedge , does not look confident to me.

The instability in the picture creates a probability for the south (not a prediction) - and there is probability for the north as well.

I'm not suggesting trading on this 8H time frame. Exploits are better on much lower time frames between 5 min to 15 min. But timing is everything. DON'T sleep! 😂

Disclaimers: This is not advice or encouragement to trade securities. Chart positions shown are not suggestions. No predictions and no guarantees supplied or implied. Heavy losses can be expected. Any previous advantageous performance shown in other scenarios, is not indicative of future performance. If you make decisions based on opinion expressed here or on my profile and you lose your money, kindly sue yourself.



Comment: Caution: Bullish sentiment is now divorced from reality, which could mean further upside.

Sometimes when sentiment becomes unhinged from everything else that is wrong, markets go wildly north in a sudden pump and continues when driven by FOMO.
The S&P 500 is now overvalued 26 times earnings. And now there is trouble in 'Chinatown'. [Different perspective on the virus https://youtu.be/NjTdvALChwk ]

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