The market was able to overcome resistance and break through the 2801 peak I had been looking at for the past few months. While the move doesn't give an all-clear for the market to rally, the break of resistance is significant in that it invalidates the intermediate bearish pattern that had been in place for months. If the market is able to follow through on its bullish momentum next week then prices are likely to challenge or reach new all-time highs. I didn't think this would be happening in the middle of summer but I have been proven wrong by the market before and it's best not to fight the trend.
Have a great weekend!
Short Term Trend = Bullish
Medium Term Trend = Bullish
Long Term Trend = Bullish
* Trends are not trade signals. Trends are posted for situational awareness only and does not take into account wave counts, technical or fundamental conditions of the market. While mechanically trading the posted trends is feasible, keep in mind that these are lagging indicators and as such are prone to whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking
No comments:
Post a Comment