But there may still be some more rally to go, after a correction..
Notice the rise in the breadth indicators after a very oversold condition...This would lead you to believe there's more to come...so maybe today's drop is a correction in a rally, not the end of the rally...It often rises to the top of the dashed purple channels before failing. But it need not make much price progress while doing so...It could just burn time...
But note that bounces off of a major time node, like this .25 node, are normally fairly substantial..more reasons why we might see more upside...
(Just to review, the .25 .50 .75, 1.00, and 1.50 are "major mathematical time points". Trend changes of some importance often happen there...The .50 and 1.00 nodes are the most powerful of the group)
No comments:
Post a Comment