if you zoom out and really think about it we havent held a downtrend for long enough to say a broader bear market taking years to regain. even if it lasts less than 9 days, we have always bounced at accumulation levels such as this even during corona and the following recession. im not saying trust this as the bottom, but there is long money willing to make bull, and a temporary short squeeze is normal under these conditions. sunday there will likely be continued selling, but aiming for at least gap to close up is reasonable. after that, the magnitude and direction of volatility based on that move with fib auto trend extension will determine how far we will go in this last week of january. if we head down immediately, or we dont retrace enough to find a higher low, we could see further downside which, for the time being, is almost certain upside is almost certain as well. tutes, mm, smart money is going to play the oversold bounce game for a while when they find a place. we are entering an accumulative phase soon. this does not mean higher prices are guaranteed. accumulation means a sell climax is beginning. panic selling to new monthly lows is a contrarian buy for swing trades.
427 is a low target
434 is a pivot
437, 447 are high target
may the force be with you, always.
427 is a low target
434 is a pivot
437, 447 are high target
may the force be with you, always.
Trade closed manually:
im not sure where this bounce is going to take us so this idea has outlived its usefulness
