Price has remained in this channel since the 2008 Recession, and we have finally reached the upper channel once again. Ask yourself, with all things considered, is the current state of the American economy truly well enough off that we could see a strong breakout, and then witness a parabolic rally upwards? My opinion is a resounding NO.
This bullish rebound rally that this market has shown in the past 5 months since the March/April crash won't be sustainable for the long run, and the fact that it's been a melt upwards with such low volume is a telling sign.
I am expecting a 30%-40% drop within the next 6-7 months-as early as Q4 this before year's end, or no later than the end of Q1 next year.
This bullish rebound rally that this market has shown in the past 5 months since the March/April crash won't be sustainable for the long run, and the fact that it's been a melt upwards with such low volume is a telling sign.
I am expecting a 30%-40% drop within the next 6-7 months-as early as Q4 this before year's end, or no later than the end of Q1 next year.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.