Again this week CNBC watched by many (including the POTUS) are constantly talking about "finding bottoms"
Too many "bottom pickers" and "buy the dip"
Major US indices look like testing the pierced bottoms last week, and ,more than likely hitting new lows for this move.
The rally from the circled area looks corrective and losing steam i.e. not heading to the top of that range looks very bearish.
I would not be surprised to see a wash out next week ahead of Christmas, and THEN maybe we find a tradeable low.
Hi Mark, Looks like do or die for bulls next week! the Last Hope!
ReplyDeleteYes..it all depends on what move up is being corrected - is it the Trump rally from 2016 ? Or is it the rally from 2008? If it's the Trump rally the market has retraced to the first fib level 23.8 % - my view it will go to the 38 % (22400) If it's the 2008 rally then fall could be further - will be looking at these charts today..
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