Sometimes, it’s better to keep things simple. In this case, the 21 weekly is an obvious indicator of whether we are in an uptrend or not. A decisive break above this has almost always resulted in an uptrend, except when a dead cat occurs just after a major top.
Therefore I think the current 21 @ 4500 is the current major resistance. Of course, below that we have the 200 which has never really been breached, so we have no idea what will happen if that breaks (things could get very messy, or might not see a bull market for many years.)
Right now, we have a shimmer of hope. But let’s not get ahead of ourselves. Let’s hope that we get above that 21 weekly and stay above it. Most people are predicting 5k right now, which is above it. This could very possibly trigger a new uptrend.
Published at Fri, 22 Feb 2019 06:05:45 +0000