Hi friends! I just want to give a quick technical argument for why I believe will most likely rally to the top of the , somewhere in the low 4000s. As you can see, each time during the life of this that has consistently traded above the 50 (in orange,) price has rallied to the top of the (in blue.) Now, if you have been following my recent comparison of the current market to the bottom in 2015, you know that I have been expecting a rally to the top of the channel, since that would continue the 2015 bottoming . Knowing that, and seeing how has rallied to the top of the channel after consistently trading above the 50 , we can see that the probability of rallying to the top of the channel is quite high. Furthermore, the current price action on the is in the form of a consolidation. So, unless price breaks down below the 50 , the technical likelihood that we will reach the top of the channel is very high. From there, we will continue to monitor the progression of the 2015 bottoming that I’ve discovered.
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***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
Published at Fri, 22 Feb 2019 05:03:35 +0000