When in doubt, zoom out. Lets look at the bigger picture here for a second. Starting with the DEMAs. The 50/200 DEMAs show that we are/were at what looks to be the peak price 227$. if we would have broke out from the downtrend shown buy the (yellow lines) it would have been a strong bullish indicator. Since we did not id expect a few more drops to come after or...
Lets be honest 25-30% of the companies in s&p are gana take some hard his because of the quarantine, RSI is high enough for a drop and we've broken an ascending wedge. Looks like trumps strong arm market prop is about to give out if not now some time later.
Lets talk about the channels first. Clear as day downtrend channels, the question is when will this trend be broken. The purple channels show a longer term down trend, only crossing the mid purple line (in up direction) when RSI indicates a greedy/overbought market. Inversely it only crosses the mid purple line (going down) at around 40 RSI indicating that it is...
based off the RSI and 1 year death crosses (which have never been wrong) we are still very much in the down trend channel. Be patient unless your in the game of short positions. long term we have a little more to drop for a correction before the next bull market. dont let the 1day,1week,1month fool you. when in doubt zoom out. Remember the halfing is around 30...
simple as it gets deathcross fake useless pump into the bear market. it never fails.... peep the RSI below 40 almost the who time. the question now is how low will we go. altho with a near perfect wave form i think long term will be more than ok (10,20 years)