This relates to my ideas 2 weeks ago in which I correctly anticipated the downturn but the pace was more pessimistic. I originally estimated support at 32200 last week, now I expect around 31K somewhere this month. It will be seen then whether we would proceed to a full crash or we will continue at the green trend line seen in the picture. I guess it would be the latter.
Many are talking about fear of inflation as the reason of this downtrend. My analysis confirms that it's actually an end of a cycle as we hit a major Fibonacci resistance as seen in the chart. Perhaps, they are the same, fear and cycles, I mean, but a cycle is more measurable, so I am sticking to it.
As we can see, the road upwards with the current trend is full of hurdles that could only be overcome with a massive buying force, which is unlikely due to many reasons, fear of inflation being only one of them (another is the decline in retail investing as life goes back to normal). If we are corrected to 31K, the road becomes much clearer and we can continue upwards, perhaps, with the slower pace of the pre COVID19 market.
Many are talking about fear of inflation as the reason of this downtrend. My analysis confirms that it's actually an end of a cycle as we hit a major Fibonacci resistance as seen in the chart. Perhaps, they are the same, fear and cycles, I mean, but a cycle is more measurable, so I am sticking to it.
As we can see, the road upwards with the current trend is full of hurdles that could only be overcome with a massive buying force, which is unlikely due to many reasons, fear of inflation being only one of them (another is the decline in retail investing as life goes back to normal). If we are corrected to 31K, the road becomes much clearer and we can continue upwards, perhaps, with the slower pace of the pre COVID19 market.
코멘트:
Ready.
