I commence with my humblest gratitude to The Most Benevolent, The Ultimate All-Knower
Outlook for LONG Position!!
Bottoming process, sometimes, is very treacherous, as there is battle going on between bulls and bears. Clues come to us by looking at the hourly charts. Either bottom is achieved by double or triple (very rare) retest of the low prices or a very close retest of the lows, by forming of higher lows and thus a trend-line is created. Hold above the said trend-line and or not breaking below the lows made by the previous days is an essential factor whether to hold the perspective bullish.
On the other side for bears: If Markets HOURLY CHART breaks the low of Friday, then The Markets are very weak and time cycles have inverted and we have much lower lows ahead of us, based upon the long term H& S chart, I have posted a few days ago.
The Markets (DJI, SPX, NDX must close one hourly bar below the Friday Close, and then follow through with next hourly bar, to reverse the rally attempt (which started on July 1st). If it does occur as such, then the outlook is very bearish and Markets go down to the 50% of the March 09 low (at least).
Although, what I am anticipating based upon time cycle and price cycles, that we shall rally at least, before, we even broke down. (If this rally attempt fails, then market is really weak and broken down.)
http://trade-in-harmony.blogspot.com/
Thanks for the update!
Sp500 Up around 2% today at least but then it fell down. Maybe some bull moves before the reports.
Dear Syed,
Your update was very clear and I thank you for that. I hope that you are well my friend.
Reed
Thank you.
Remain Blessed