One of the worst weeks since the rally stars in march, is finally over. the new reports about a possible second wave of covid 19 and the bearish outlook of the fed triggered a massive sell off. if we look at the chart, we can see a double top formation and a divergence in the RSI indicator. we will wait and see how the next week will open and play accordingly.
on the bull side :
break out and close above the 10k mark can lead to a massive move up to new all time highs.
on the bear side:
if we open red on Monday a bigger correction can take place.. we will use fibo levels to determine the targets. our worse case scenario predicting a big move towards march moves. but for that we need to be witness to a significant surge in covid 19 cases.
on the bull side :
break out and close above the 10k mark can lead to a massive move up to new all time highs.
on the bear side:
if we open red on Monday a bigger correction can take place.. we will use fibo levels to determine the targets. our worse case scenario predicting a big move towards march moves. but for that we need to be witness to a significant surge in covid 19 cases.