Last weekly candle triggered a BEARISH ENGULFING PATTERN !
Indeed, the failure to :
1) Recover above the Mid Bollinger Band 2) Hold above Kijun-Sen and Tenkan-Sen
is confirming this persisting downward pressure in this weekly time frame.
Looking ahead, it is likely to see an ongoing downside move with temporary recovery attempts in a countertrend tactical move only...
Such kind of tactical rally, should, as already mentioned several times, be monitored closely with a disciplined RR (Risk Reward) approach.
STRATEGIC TARGETS REMAINS THE FOLLOWING :
1) Retest of former low @ 4186.50 (also roughly the weekly top clouds zone and the 23.6% Fibonacci retracement of the 2'174-4'808.25 BIG RALLY or + 121 % !) 2) The bottom of the weekly clouds which also coincides with the 38.2% Fib ret @ 3'802 3) the 50% Fibonacci retracement @ 3'491.25 4) and the 61.8% Fib ret @ 3'180.25
Do you think, such kind of correction is possible ?
Honestly speaking, I think so !
Why ?
The answer is pretty simple :
Watch from where the SP500 came from (2'174) and after a performance of more than 120%, a minimum correction of 38.2% should, at least, occurs and even 50% towards 3'491.25 !
And...this would not affect the long term (monthly) uptrend.
LAST BUT NOT LEAST, AS A GENTLE REMINDER, THE MONTHLY KIJUN-SEN IS ALSO AT 3'491.25 AND ONLY A CLEAR BREAKOUT OF THAT SUPPORT LEVEL WOULD DESTROY THE ONGOING LONG TERM BULLISH PICTURE.
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Lol this guy in comments thinks this is the bottom! LMAO!!!!!!!!!!!!!!!!!!!!!!!!!!
mysterious76
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This is what I have learnt from TradingView ideas so far…Any time market goes for a bit of correction, technical “experts” come out in droves and start pushing bearish ideas suggesting to sell at the bottom and predict even 50 to 90 % crash.. Similarly, when the market is raging dangerously high ..other “experts” come and preach buying at ATH levels.. When market does exactly opposite as it often does ..no accountability ..and rinse and repeat
P4raboliK
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@mysterious76, You sound like the rest of the delusional, in the DENIAL PHASE of the biggest market crash of all time. #Letemwatch