This is the elephant in the room right now. A potential big correction is looming in the stockmarket, because of a bearish retest of this channel in the S&P 500. Believe me, everyone knows this chart...
A crash could have negative consequences for bitcoin, too!
Another big factor that is contributing to the fear, is that the "blackout period", where companies cannot buy back their own stocks, is hitting the peak in two weeks.
So if we see a crash, a lot of big companies cannot DCA their own stock like they usually do... this is the perfect timing for a crash!
The targets vary from 4200 to 3900 to 3200...
Without the companies buying back their own stock, there are not many big players left besides some big hedge funds and the "plunge protection team". Will they save the day? Not so sure about that.
Feel free to use and share my charts, but please mention me, @ew-and-patterns as the author. Otherwise it is considered plagiarism and I will flag you and advise my friends to do the same.
Please consider leaving a comment, like or rehive, if this post entertained you or helped you see things differently...
Have a nice day :-)
#bitcoin #btc #crypto #cryptocurrency #cryptocurrencies #steem #sbd #ethereum #eth #ripple #xrp #bitcoincash #bch #eos #litecoin #ltc #stellar #lumen #xlm #digibyte #dgb #cardano #ada #iota #tether #neo #tron #trx #omg #verge #xvg #bitshares #bts #nano #monero #xmr #dash #ethereumclassic #nem #binance #binancecoin #vechain #tezos #omisego #steemit #money #life #altcoin #altcoins #trading #investing #investment #investments #forex #forextrading #market #finance #gold #silver #commodity #commodities #stock #stocktrading #stockmarket #facebook #fb #apple #aapl #spx #xau #xag #usdjpy #usd #amazon #amzn
Updates will only be posted on HIVE !!!
While I agree with you about the buy backs, the other things that I'm looking at would tend to show a fake out with a rebound. A lot and I mean a lot of stocks are showing patterns of taking off or about to take off. Plus, the chart shows weekly hidden bullish divergence with a test of the weekly 21MA. If that holds, were off to the races for another run. Probably a retest of your of the channel just at a higher level. I do not think it makes it back into the channel but a retest with the larger correction coming then. Also, Bitcoin is about to blow. When it tops the all the markets will top. IMO
Not an outrageous forecast. There are headwinds to the economy which often means nothing to the market. However, when sentiment starts to change and, as you alluded, the major buyers absent, things can get rolling quickly.
I am comfy in my position so dont feel the need to lighten up but did resist the inclination to add more the last few months (in equities).
Honestly I would love to see 3200 on the S&P again.
Posted Using LeoFinance Beta
Yeah but the timing for this bad omen pisses me off.
I would much rather avoid another 3 months of BTC correction. If it turns out to be a huge wave 4 triangle in BTC (because S&P500 crash), the S2F model would likely be invalidated in the next months.
Once it break the pivot line,is going to sell and correct before the bullish trend will continue
Posted Using LeoFinance Beta
Market gonna moon by friday, I try to not be so pessimistic any more. I would hope that the infrastructure deal would go through and that would spark a big rally going into XMAS. I just don't see the fear that everyone else does I guess. I was buying more stocks today, but if I'm wrong I just hodl and wait for another ath eventually. I'm predicting DOW 50K!
Congratulations @ew-and-patterns! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s) :
Your next target is to reach 150000 upvotes.
You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOP
Check out the last post from @hivebuzz: