Hey guys, Given the strength in the market yesterday at the end buying up strong we could be seeing a rejection off a new support line. I think this consolidation pattern is now in play and with the 50 EMA acting following the support line I don't think Powell will say anything that will cause the market to fall past this point with sentiment already being this bad but still I'm not going to bet until I have a follow up confirmation. This could be the start of the Christmas rally if so best bet is to buy into Silver/gold or currencies against the USD as people deploy their cash. It should rebound till resistance just short of a 7% gain by sometime in Jan and hopefully RSI comes back to the down trend line, if so that would be a great short opportunity as Fed might have to raise rates early. I'm going to do some follow up charts explaining this as it happens so please follow to keep up to date.
Just to clarify I do still think we are in a Bubble that will pop sometime early next year and with all the high growth smaller tech already going bust (Snap, TWTR, DOCU, PTON, Zillow, etc) being very similar as the 2000s crash. But this wont happen until the fed starts raising rates and they wont admit it until they dont have choice.
Just to clarify I do still think we are in a Bubble that will pop sometime early next year and with all the high growth smaller tech already going bust (Snap, TWTR, DOCU, PTON, Zillow, etc) being very similar as the 2000s crash. But this wont happen until the fed starts raising rates and they wont admit it until they dont have choice.
