My analysis is showing similarities in Macd and RSI of the December 2018 Weekly 200 MA touch and the most recent March 2020 200 MA dip below. We are seeing hidden bearish divergence on the Macd and bearish convergence on the RSI.
If the 2018 fractal were to play out we'd see a drop down to just above the .382 fib retrace, which if the correction started next week then it would be a 12% correction. My time frame would be until mid to end of September based on the previous retrace (Dec 2018 200 MA touch > April 2019 local high > June 2019 local low > then sideways until ATHs).
If no stimulus package gets passed I could see that fueling the correction, if one is passed I think this analysis would be moot.
I'm open to hearing what other news could fuel the correction or not.
Price targets:
300 (.382 retrace, psychological, 2018 high, conservative and the first gap fill)
285 would be a second price target, which IMO would be a pierce down and a 2nd gap fill. This would be closer to a .5 retrace which is the most common retrace before pushing higher.
This is my opinion, not financial advice.
If the 2018 fractal were to play out we'd see a drop down to just above the .382 fib retrace, which if the correction started next week then it would be a 12% correction. My time frame would be until mid to end of September based on the previous retrace (Dec 2018 200 MA touch > April 2019 local high > June 2019 local low > then sideways until ATHs).
If no stimulus package gets passed I could see that fueling the correction, if one is passed I think this analysis would be moot.
I'm open to hearing what other news could fuel the correction or not.
Price targets:
300 (.382 retrace, psychological, 2018 high, conservative and the first gap fill)
285 would be a second price target, which IMO would be a pierce down and a 2nd gap fill. This would be closer to a .5 retrace which is the most common retrace before pushing higher.
This is my opinion, not financial advice.