Looking at the major indices, we seem to be in opposition to them. The Dow, and Nasdaq both had good weeks. Once that is over we will rise. Sometimes UJ and the indices dance together. Sometimes they are in opposition. This is leaning towards a dive in the indices soon which makes sense as I think it is overbought. I have yet to hear one economist who has a confirmed reason why we are on a tear higher in the midst of an epidemic lockdown. For now I see us visiting 105.1 area. It is the 38 percent fib off the recent highs and lows. If you look at it we are in a classic Fib level climb down leading one to believe we are on our way back to the low having already hit the high again. We are currently at the location we were the day before that gap down that lead us to the lows (100.857). I will upload a screenshot later, but we all have charts.. pull up a daily! Long sentiment is currently at 73 percent. I feel it will be at 85 to 90 when we hit 105.1. It is around that time it will shoot down to the lows to shake out longs then fly back up.
Spanking myself for not drawing that Fib earlier.
Patience is key here guys. Impatience leads to "wish trading", and to losses. I suffer from this as well. Working on it. lol
Spanking myself for not drawing that Fib earlier.
Patience is key here guys. Impatience leads to "wish trading", and to losses. I suffer from this as well. Working on it. lol
When you feel like you HAVE to trade is when you least should!