OK, I was wrong. I thought it would take a day or two to get to this point. Bottom line is we finally made it. There should be enough indicators here to convince you a strong turn is in (can you say perfect storm). I'll break out the weekly version of this chart at the end of this week to see just how sustainable this move will be. Looks pretty convincing here at least for a move to 810 and possibly beyond.
but will it back test.....
ReplyDeleteAh - GCT you read my post on K's site earlier. That is why I am treading with caution in my entry, but still have high degree of confidence in the fall.
ReplyDeleteI saw very little "buy the dip" volume today, so the bounce might be nil. Futures are currently flat. I think the bulls now know the financial earnings were rigged and not a sign a real health. They're gone imo.
ReplyDeleteShanky - you might notice the timing of peaks in the daily MACD (or STO) and be able to estimate when the MACD trendline likely will be tested next. Seems there is linear or fib timing relationship left-to-right.
Eyeballing it, one can see another MACD trendline test in about 3-4 months. Not sure one can also suggest where price will be at that point though but good chance it would be at the lower trendline again. If not, the positive divergence on the MACD could halt the decline if it hold it's trendline.
You have the up/down picture nailed, perhaps timing might be you're next challenge. I'll be studying this too.
S135