From the chart, we can see clearly, the price is not bullish, not in the Daily/Weekly/Monthly timeframe. Most will attribute it to the Presidential Election for causing investors to be on the safer side. But if using the same logic, a drastic event like COVID-19 can make the market drop that magnitude but recovered within a short span of time. Not predicting the election result, but if a Black Swan event does trigger will the market react the same?
To be honest, I do missed the COVID-19 bull run, I do have my fair share of losses going against the market. So to be objective in this case, if price break the Red Moving Average (EMA50) I will be wary of a extended downward movement. The market does not like uncertainty and we can clearly see uncertainty across all Assets Class, which means back to the old saying, Cash is King!
To be honest, I do missed the COVID-19 bull run, I do have my fair share of losses going against the market. So to be objective in this case, if price break the Red Moving Average (EMA50) I will be wary of a extended downward movement. The market does not like uncertainty and we can clearly see uncertainty across all Assets Class, which means back to the old saying, Cash is King!