Rising wedge and channel roof in sight before bear market?
We can see several reasons that the fall of 2021 will be a tight squeeze for the market. Here are some pointers to look for.
1. Long term rising wedge formation with conjuction and consolidation also in the daily channel, The period between october to december-21 will be the beginning before B-leg starts towards mid MA at 2235 region.
2. We need a B-leg correction to move higher towards 3000 target.
3. RSI in over bought position has never really taken a dip into the ocean since february-21.
Some positive signals though, 3000 is the long term target in Q1-Q2 2025 and all of the MAs and Fibbs are pointing upwards so far towards the target.
1. Long term rising wedge formation with conjuction and consolidation also in the daily channel, The period between october to december-21 will be the beginning before B-leg starts towards mid MA at 2235 region.
2. We need a B-leg correction to move higher towards 3000 target.
3. RSI in over bought position has never really taken a dip into the ocean since february-21.
Some positive signals though, 3000 is the long term target in Q1-Q2 2025 and all of the MAs and Fibbs are pointing upwards so far towards the target.