This is a potential assessment I am currently watching closely.
As it has a potential of a 30% drop in price (bear market by
some measures), I have to consider it. I leave it to each
of you to further investigate (if desired). This triangle
is being considered within the context of a 4th wave.
As it has a potential of a 30% drop in price (bear market by
some measures), I have to consider it. I leave it to each
of you to further investigate (if desired). This triangle
is being considered within the context of a 4th wave.
Comment:
A note on the RSI. In an uptrend, pullbacks tend to terminate around the 40 level or above. When the 40 level is broken, the ensuing rally will often be contained by the 60 level, then back down. Our Dec low broke the 40 level, and as such would be viewed as an alert of a potential trend change. The strong move up from Dec pushed the RSI just above 60, pulled back, and is now at 60 level again (with divergence). This could be suggesting that we're headed back down (imho).