Playing devil's advocate here if we start to sell off and the bears begin to celebrate creating FOMO short. I am longer term bullish looking at this weekly chart even if we get a wick down to the 21ema at our favorite 395 area, however I will not hesitate to flip bearish if we get a candle close under the 21.
Technical supports for my thesis: #1. The most obvious is the clear break out of this bearish down trend line. #2. For the first time since ATH more than a year ago we have touched the top of the upper Bollinger band. Note how many times we touched the bottom Bollinger band throughout the carnage. I count 16 weekly candles! #3. Our beloved 9&21EMAs have finally crossed, a corrective orderly pullback back to the moving averages is healthy for continuation. Yes I do think we get a pullback perhaps tomorrow, maybe next week, who knows? I want a pullback, but we have to keep those candles closed above the 21ema IMO.
Technical supports for my thesis: #1. The most obvious is the clear break out of this bearish down trend line. #2. For the first time since ATH more than a year ago we have touched the top of the upper Bollinger band. Note how many times we touched the bottom Bollinger band throughout the carnage. I count 16 weekly candles! #3. Our beloved 9&21EMAs have finally crossed, a corrective orderly pullback back to the moving averages is healthy for continuation. Yes I do think we get a pullback perhaps tomorrow, maybe next week, who knows? I want a pullback, but we have to keep those candles closed above the 21ema IMO.