Hello !
I believe we have A great short opportunity coming up in the next few days as US30 nears the 61.8 Fib level, which is a zone of major resistance. The daily chart is also showing a rising wedge.
The 61.8 Fib level is a notable area of reversal as in the 2001 / 2008 DOW crashes we saw relief rallies to the 61.8 Fib level followed by further downward movement. Im targeting the next major zone of support, the 15k/16k area.
Given the current nature of the US economy I do not believe we will return to ATHs anytime soon despite the massive injection from the FED. We have 22+ million unemployed, are on the brink of a mortgage/loan default crisis, projected Q2 GDP of roughly -30%, let alone the companies that will begin to file bankruptcy in the coming months.
Feel free to share ideas ! Thanks !
I believe we have A great short opportunity coming up in the next few days as US30 nears the 61.8 Fib level, which is a zone of major resistance. The daily chart is also showing a rising wedge.
The 61.8 Fib level is a notable area of reversal as in the 2001 / 2008 DOW crashes we saw relief rallies to the 61.8 Fib level followed by further downward movement. Im targeting the next major zone of support, the 15k/16k area.
Given the current nature of the US economy I do not believe we will return to ATHs anytime soon despite the massive injection from the FED. We have 22+ million unemployed, are on the brink of a mortgage/loan default crisis, projected Q2 GDP of roughly -30%, let alone the companies that will begin to file bankruptcy in the coming months.
Feel free to share ideas ! Thanks !