We need a correction in the short term, whether we're going on to make new highs or lows. So the orange line is currently in play.
IF we are indeed in a new uptrend and going to make higher highs, we should see major support around 7,500 (which still implies -10% over the next couple weeks). And a 3-wave move on the downside
IF we are continuing the downtrend, we should see more bad days than good coming up for the markets.
Personally I plan to short this market until we get to major fib supports.
Then maybe take some profits and wait to see if we get a good positive reaction off those levels.
The counter trend up-rally over the last month has been solely based on central bank liquidity injections. Amazon just reported that they might report a loss for Q2 and Apple says they can't give direction.
Which = Uncertainty = negative for markets
IF we are indeed in a new uptrend and going to make higher highs, we should see major support around 7,500 (which still implies -10% over the next couple weeks). And a 3-wave move on the downside
IF we are continuing the downtrend, we should see more bad days than good coming up for the markets.
Personally I plan to short this market until we get to major fib supports.
Then maybe take some profits and wait to see if we get a good positive reaction off those levels.
The counter trend up-rally over the last month has been solely based on central bank liquidity injections. Amazon just reported that they might report a loss for Q2 and Apple says they can't give direction.
Which = Uncertainty = negative for markets
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.