Something interesting is happening in this economy due to the coronavirus... the trading volume has doubled.
Volume has an interesting effect if you have ever traded penny stocks. It makes the market perform in a way that only an angry mob does. Suddenly day traders can make sense of patterns tools thought to be lost since the days of high frequency trading began taking over and exploiting these things. In particular, the flag.
On the overall US market indices, it seems that the Fibonacci significant levels and the Elliott wave principals are in play in a beautiful display, especially on the S&P 500.
Unfortunately, it forecasts sort of a gloomy future - the S&P 500 will hit 1650, a low we haven't seen since 2013 - 7 years of growth gone in just a few months.
Doubtful, but makes you think...
Volume has an interesting effect if you have ever traded penny stocks. It makes the market perform in a way that only an angry mob does. Suddenly day traders can make sense of patterns tools thought to be lost since the days of high frequency trading began taking over and exploiting these things. In particular, the flag.
On the overall US market indices, it seems that the Fibonacci significant levels and the Elliott wave principals are in play in a beautiful display, especially on the S&P 500.
Unfortunately, it forecasts sort of a gloomy future - the S&P 500 will hit 1650, a low we haven't seen since 2013 - 7 years of growth gone in just a few months.
Doubtful, but makes you think...
Comment:
Also that 50 EMA resistance is something else, huh?