few weeks back I posted a basic chart review with what I thought might be the direction of the market. It turns out I was looking in the right direction. It has been losing steam, unable to make the gains to return to where it was, and followed the arc I painted almost exactly to fib correction. However #DJI found support at the .618 fib level (I set the base of fib tretracement at the last 200EMA test and crossover), and looks to go back up and test .786 fib. I expect a bounce here and back down to .618 fib level. If it pushes back up through .786 that would be a great sign of a return to growth. However, there are a lot of factors of uncertainty in our politics, economy, and foreign affairs. The market is tremendously overbought, we have growing consumer debt at record high levels, and without a healthy market correction, a major crash seems likely in the event influential factors. Let's hope this correction gives the market the support it needs at mid fib levels. This has just been my opinion. Don't trade based on my analysis. Do your own research and don't invest more than you can afford to lose.
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#Trump tweets, tariffs and Chinese tariffs didn't help. It's retesting .786 fib. I anticipate a bounce back down along the path. Correction is still in play.
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Ignore the previous green line at 21011.33 Corrected.
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bounced, now headed back up to next fib, will likely bounce back down.
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I still think everyone is in denial about this correction.
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Maybe everyone is starting to cash out and jump over to crypto. :) Smart move.
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