When looking at the charts on a Marco view, one can see a few things that spell the upcoming DOOM:
1. Pattern from Feb 2020 is almost tracking exactly to current day pattern, which could be a foreshadowing another drop period.
2. All of past recent uptrends (Marked ORANGE), the market could not touch any of them, which makes them invalid.
3. The only Trends in play are the ones in Red, which suggest future RETEST and Downward pressure.
So Short term there will be a RETEST at 3800 with a most likely rejection to the Down side.
Afterwards a RETEST of the 2009 line at sub 3000.
Finally RETEST of the 1989 Trend line of sub 2000 If things really break down.
So don't FOMO over this market since there will be plenty of upcoming buying opportunities, but you need to look at the multi-year big picture.
1. Pattern from Feb 2020 is almost tracking exactly to current day pattern, which could be a foreshadowing another drop period.
2. All of past recent uptrends (Marked ORANGE), the market could not touch any of them, which makes them invalid.
3. The only Trends in play are the ones in Red, which suggest future RETEST and Downward pressure.
So Short term there will be a RETEST at 3800 with a most likely rejection to the Down side.
Afterwards a RETEST of the 2009 line at sub 3000.
Finally RETEST of the 1989 Trend line of sub 2000 If things really break down.
So don't FOMO over this market since there will be plenty of upcoming buying opportunities, but you need to look at the multi-year big picture.