If old school TA makes any sense and/or has any "predictive power", we should bounce around the next 10 days and then have at least a meaningful bounce to 52.000 - 53.000.
Why?
Daily RSI = forming a falling wedge
MACD histogram = weakening of the downtrend
We are hovering above support.
At this current moment, NOBODY knows what is going on with the market.
The doomsday prophets are calling a bear market too early. The moon boys calling this "just a correction" are making their call too early too.
I believe it is the NEXT bounce that will show us the way.
This means... I am not selling it all just now, but also I don't go all in just now.
Historically speaking, buying when daily RSI was at these lows and forming a falling wedge was a buying opportunity more often than not.
So yes, I am buying the dip, but I will not bet the farm on it.
Why?
Daily RSI = forming a falling wedge
MACD histogram = weakening of the downtrend
We are hovering above support.
At this current moment, NOBODY knows what is going on with the market.
The doomsday prophets are calling a bear market too early. The moon boys calling this "just a correction" are making their call too early too.
I believe it is the NEXT bounce that will show us the way.
This means... I am not selling it all just now, but also I don't go all in just now.
Historically speaking, buying when daily RSI was at these lows and forming a falling wedge was a buying opportunity more often than not.
So yes, I am buying the dip, but I will not bet the farm on it.