From "
It is what it is Department" Key focus
Bottoming or Crash?. chance is high we might get a crash. but the Friday action told me two things, 1. Capitulation, scarily shake out, a bullish contrarian view and 2. bullish reversal candle in the form of a Hammer, bullish candle.
"IF" TRIN were to be below 1, I would take this as a very bullish sign, rip your face off rally to follow on Monday. since TRIN >1, bottom shoppers will have to wait a little more not to be too aggressive on the buy the dipper.
Longer term on the bigger picture, I think we are bottoming, see volume spike same level as December low if not bottom we will go sideways in a bearish consolidation phase for a while, a Fib measurement from December Low to current High, it is clear 50% support line is strong, if we lose 61.8% support then I think we are going into a bear market.
For the shorter term look using Fib measurement on last leg down, here is clear bears are in a driver seat. until we can regain strength above 61.8%.
Well, clear as mud eh? short term trend is down. Going into next week, believe it or not, it will very easy to trade and tell. By Monday before market open a positive open I will be a buyer or a weak open I will hop on the south train, crashing here we come,keep it simple. trade well, Peace!
My comments are for entertainment/educational purpose only. NOT a trade advice.