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The FTSE has just done what I explained in the 3rd paragraph (I...

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TheFadz

6,444 Posts.

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23/07/21

00:06

Post #: 54707201
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Originally posted by TheFadz: ↑

I always say never write off the bulls
But it's easier making a call at the bottom when it bounces because both bear & bull charts trade the same range
The difference is what happens now (makes it trickier)

US markets now at top of my bear chart
Only the Sp500 broke through by a nose
Bullish backtests succesful 2nd day in a row
Small caps have clearly broken downtrend so that could be a clue that markets may be headed higher

What I've seen in the recent past when they do break downtrend
They dip back to the top trendline to make it look like it's going to fall back under again
Then break out for real on the next rally
Chart bosses will always maximise deception as much as possible before the obvious bull run is clear
So still could be choppy for another day or 2

I'll need to see how markets look on the next sell day & see how much they dip, before I'm 100% certain that UK/US/AU markets are ready for another big bull run
Otherwise we just repeat the same thing we've seen for the past month now

1st step for bulls is to close near overnight highs (very difficult considering how bearish Australians are in general, especially atm)

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The FTSE has just done what I explained in the 3rd paragraph (I thought they would wait to replicate the US before doing this)
Got that part wrong

I'll assess US markets in the morning

XJO Value at posting: 7,386.4
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