Going based on what patterns I have seen previously and my Elliott wave count. In addition, once an equity breaks out of its linear regression channel they always seem to come back at some point and test it for support. I also think that dropping all the way down to that level now seems too bearish. I am willing to guess we are about at the end of a Wave A and should see a nice bounce for Wave B to support buy the dippers. Then we should see a much more sustained and deeper correction for a Wave C for the channel test. Well, that is the best educated guess I think anyone can offer purely based on technicals. IMO, it just seems more likely than the idea that we are headed to 20,000.
1W
1D (21,50,100,200 day sma)
1W
1D (21,50,100,200 day sma)
Note
Tuesday noon and we had a big bounce this morning, but still inside the regression down channel.Note
Rally kept up most of the day, but it still closed inside the regression down channel. We need to see a follow through tomorrow to say the correction is over.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.