Is Dow Jones in the process of forming a W shape recovery ?
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Another day of celebration for the bulls last nite with DJIA going up by more than 200 points.
You can see as it approaches the bend, the candles get shorter, as if it is exhausted from the steep climb.
Still the usual, no vaccines developed, cases still increasing worldwide, some countries re-open with much anticipation, airline and tourism sectors and retail bearing the brunt of the economy.
Could "Sell in May, Covid is here to stay" applicable this time ?
Well, if a W-shape recovery is anticipated, then the price action is likely to consolidate for a while (maybe weeks or months) before we see it retest the March low again.
That would be a good selling opportunity not to be missed.The neckline would be around 23,000 level. Watch this level closely to see if it breakdown.
Another alternative is after taking a rest alongside , it gathers enough momentum and push up higher. If that happens, then we know the recovery is intact as it has made a higher low and higher high in the price action.
Which side would you stand ? Bulls camp or the Bears camp? Take your side , time is ticking ........
You can see as it approaches the bend, the candles get shorter, as if it is exhausted from the steep climb.
Still the usual, no vaccines developed, cases still increasing worldwide, some countries re-open with much anticipation, airline and tourism sectors and retail bearing the brunt of the economy.
Could "Sell in May, Covid is here to stay" applicable this time ?
Well, if a W-shape recovery is anticipated, then the price action is likely to consolidate for a while (maybe weeks or months) before we see it retest the March low again.
That would be a good selling opportunity not to be missed.The neckline would be around 23,000 level. Watch this level closely to see if it breakdown.
Another alternative is after taking a rest alongside , it gathers enough momentum and push up higher. If that happens, then we know the recovery is intact as it has made a higher low and higher high in the price action.
Which side would you stand ? Bulls camp or the Bears camp? Take your side , time is ticking ........
Nota
one thing is clear, the bulls and bears are both tired, perhaps more on the bulls side . it is like the calm before the storm is coming....Nota
i was totally wrong on this analysis as you can see from chart that the seemingly tired bulls were merely taking a pit stop in mid May before charging higher up......
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