On the daily, we're approaching a major historical support trend-line with a best fit between 5500-5750. If we see a strong bounce off of that area by the end of this week and we rally back up to 6500, it sets us up perfectly for a bearish head-and-shoulders pattern on the daily, and if you draw a line from the neckline around 5800 to the top of the head at 8500, you get a 2700 swing, so if the head and shoulders pattern completed and we dropped back town toward the neckline between 5800-6k, we could see a potential $2700 drop from that area to right around 3100. Also 3k is not great support because we've tested that area before. Our closest actual support level after that point is 1300-ish.
We ARE going lower. I personally believe we have 6-12 more months of a bear market. The real question is how fast it will fall.
We ARE going lower. I personally believe we have 6-12 more months of a bear market. The real question is how fast it will fall.