Classic head & shoulders complete with bearish candles
Disclaimer: I hate Wells Fargo.
A large head & shoulders pattern completed during q3/4 2018. Every major institution and index was forming double tops and reversal patterns. The real question is, is this more than a correction?
Perhaps. I think as all stocks and indexes have hit all-time highs, a correction is only natural. The hard part to gauge is whether we are seeing signs of a recession or not. The plunge in stock price is worrisome for the stock market and economy as a whole.
Perhaps in the short term, the market will correct upwards. In the longer term I'm not a financial wizard, but it doesn't look good at all. Trump has been the catalyst for the bullish markets, and now that his boat looks like it's about to sink we might see something cray happen.
Some news about Wells Fargo:
usatoday.com/story/money/business/2018/12/28/wells-fargo-fake-accounts-settlement/2432088002/
marketwatch.com/story/wells-fargo-clean-up-plan-rejected-by-fed-reuters-reports-2018-12-06
A large head & shoulders pattern completed during q3/4 2018. Every major institution and index was forming double tops and reversal patterns. The real question is, is this more than a correction?
Perhaps. I think as all stocks and indexes have hit all-time highs, a correction is only natural. The hard part to gauge is whether we are seeing signs of a recession or not. The plunge in stock price is worrisome for the stock market and economy as a whole.
Perhaps in the short term, the market will correct upwards. In the longer term I'm not a financial wizard, but it doesn't look good at all. Trump has been the catalyst for the bullish markets, and now that his boat looks like it's about to sink we might see something cray happen.
Some news about Wells Fargo:
usatoday.com/story/money/business/2018/12/28/wells-fargo-fake-accounts-settlement/2432088002/
marketwatch.com/story/wells-fargo-clean-up-plan-rejected-by-fed-reuters-reports-2018-12-06
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