Several favorable factors indicate trend has changed. We had bounce off the 50 MA (Monthly). We set a higher low pivot. We had a breakout over a trendline from a cup and handle pattern. A BAM signal triggered on Jan 12th (bullish signal with excellent record). What more do you want?
I am hoping for a pullback to the .38 Fibonacci line...but may need to settle for .23. Market may make it hard to get a good position. When the train leaves the station it doesn't back up to let late-comers get aboard.
Many people clamoring this is a fake breakout. It may be...but price action is screaming we are going up for awhile. Use stops or keep close eye on market.
I am hoping for a pullback to the .38 Fibonacci line...but may need to settle for .23. Market may make it hard to get a good position. When the train leaves the station it doesn't back up to let late-comers get aboard.
Many people clamoring this is a fake breakout. It may be...but price action is screaming we are going up for awhile. Use stops or keep close eye on market.
Sometimes everyone watching all their indicators lose sight of basic price action. Higher lows...larger time frame patterns. The perma-bears can always find reasons not to buy or even to sell. The start of Bull markets...climb a wall of worry (in this case recession talk and overvaluation).