Right Shoulder?
Figured it would shake out this way despite still being bearish. Profit-taking doesn't last long if the "buy every dip" strategy continues to yield results in the face of dire news (today it's a revision doubling the official projection of US deaths). And it will continue to draw FOMO-money in from the sidelines—until it doesn't. At which point the move down will be swift and severe.
Anyways, to the chart. Looks to me like we're forming a right shoulder. We could fall back down to 2880 by day's end but I suspect we will it touch 2919 before that.
Anyways, to the chart. Looks to me like we're forming a right shoulder. We could fall back down to 2880 by day's end but I suspect we will it touch 2919 before that.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.