Price has broken through horizontal channel early this week leading to a short burst of impulse buying.
With the lack of fundamentals in the currently heavily overbought market, we can expect a drop to come upon the slightest trigger.
While we cannot predict when the breakdown will be, we can still expect a retest of 2974 (Target 1) some time this week.
Common things seen in chatrooms and heard on Bloomberg.
"Its all priced in"
"Don't fight the Fed"
Uncommon things not heard on Bloomies and the cause of Permabull cardiac arrests.
"Wave 3 is coming" (Elliott)
"Wave 2 as well" (Covid-19)
"Oh look we bounced off a fib level"
I'll put it simply, we need to retest the lows.
The rally has been far too rapid and steep...
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