Guys here seem mostly bullish

    NY Fang Index

    Posted by zwyss on 1st of Oct 2020 at 09:10 am

    Guys here seem mostly bullish for stocks. When looking at this chart: biggest pullback since start of the rally, so looking for a lower high!?! a-b-c- correction up could or better should end soon, and then more downside...... we'll see 

    zwyss - well we go

    Posted by matt on 1st of Oct 2020 at 09:24 am

    zwyss - well we go with the flow, the flow has been uptrend since last Thursday we trade what's in front of us.

    Yes all the indexes had the largest pullbacks in their uptrends since March. Technically FANG did form a lower high in mid Sept on that bounce, so symmetry could have already played out. FANG also basically bounced off it's 50 day MA 4 times over the last month and now has retraced over 50% of the decline, maybe today it will tag the 61.8 Fib

    Or could this be a more complex type correction with a rally forming a larger B lower high eventually yes that's possible too? It could or under a very bullish case could an abc already have been completed, see chart. We trade what's in front of us and the trend has been up since the SPY system went long on Thursday and the indexes rallied out of those divergent lows on the 60 and 2hr time frames

    Yes many valid options (as

    Posted by steve on 1st of Oct 2020 at 09:27 am

    Yes many valid options (as always) so best to project, monitor and adjust in accordance with one's views/plan.  


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