Is this a suckers rally or will there be follow through?
I'm neutral on the sidelines watching this recent rally. I'm trying to decide if this is a suckers rally or will it break through resistance and test all time highs.
Notice that this entire correction was inside of a bullish wedge pattern and what we are seeing is the breakout. Generally breakouts lead to retraces, so price should come back down and test that broken trend line.
What do you think?
Notice that this entire correction was inside of a bullish wedge pattern and what we are seeing is the breakout. Generally breakouts lead to retraces, so price should come back down and test that broken trend line.
What do you think?
Comment:
I may try to swing trade a put option if price reaches 4580 without a pullback. There should be HEAVY overhead resistance starting at around 4550.
Comment:
This thing is melting up. No way I'm standing in its way.
Comment:
Price came down to test the breakout of the wedge (as I mentioned in my original post it might). I'd say 80% of the breakout lead to retraces.
Is this just a retrace or failure? I think today's interest rate meeting will either send the markets to new all time highs or below 4K. The market is about to make up its mind.
Is this just a retrace or failure? I think today's interest rate meeting will either send the markets to new all time highs or below 4K. The market is about to make up its mind.