People continuing to feverishly *long* this market, especially future's and options speculators taking on extreme risk, do not seem to understand the bigger picture risk that might be involved. The March 2020 crash made historic records in every single technical department. Let me say this again. NOTHING in our world's advanced databases matched the speed and magnitude of both the stock market crash and abrupt halt in economic growth and activity, not even the remnants of data we have from the Great Depression of 1929-1932.
Since the March 26th bottom, the market has rocketed up and speculative buying is going through the roof again. Yet, none of the other economic records that were smashed have even come close to recovery. In fact, they are getting worse. 100+ year old veteran companies are beginning to declare bankruptcy.
WFC is still around but it is an example of one of those 100+ year old companies that could potentially go broke in the months or years ahead. My belief is that the March crash was just the first of many waves down. This long term chart shows how much danger lies ahead. The next wave down could take WFC back to 2008 levels as the wave length matches. That level would create a *final* support level before this stock potentially enters a free fall zone toward the 1980 levels.
Sound impossible? Maybe, but WFC has already broken under the March 26th lows as we speak and that means there is high probability we get at least a second wave down of equal or greater length. I will take caution based on what the charts show me. I hope some of you will at least take some precautions too.
Since the March 26th bottom, the market has rocketed up and speculative buying is going through the roof again. Yet, none of the other economic records that were smashed have even come close to recovery. In fact, they are getting worse. 100+ year old veteran companies are beginning to declare bankruptcy.
WFC is still around but it is an example of one of those 100+ year old companies that could potentially go broke in the months or years ahead. My belief is that the March crash was just the first of many waves down. This long term chart shows how much danger lies ahead. The next wave down could take WFC back to 2008 levels as the wave length matches. That level would create a *final* support level before this stock potentially enters a free fall zone toward the 1980 levels.
Sound impossible? Maybe, but WFC has already broken under the March 26th lows as we speak and that means there is high probability we get at least a second wave down of equal or greater length. I will take caution based on what the charts show me. I hope some of you will at least take some precautions too.