Elliotwave might say wave (c) could be the double bottom and the bounce thereafter is now minor wave 2 up. Conversely this continues (down) with support at the double bottom suggesting an extended a-b-c.
Alternatively with the channel drawn, it's crunch time. Bounce here or a retest of the double bottom.
Any which way you look at it, the trend is down and massive volatility has entered the sentiment. The double bottom looks to be a compelling target, on face value.
s&p 500 bounceing of support nicely at the moment.
interesting most of the indices in the us show different patterns and charts , guess this could give comfort that we are still in a correction only at the moment
There is a school of thought that says the bull market does not start until it surpasses the previous high before it turned and became a bear market and therefore the bull market does not start from the bottom of the bear so to speak but month(s), years later
Read this a couple of times, can't remember where/who though
Appreciate your commentary Bull. Here's an interesting article explaining a possible 'Bull Trap' currently effecting the S&P Index.
Clearly the S&P 500 index is worth watching carefully at the moment and how much this may effect the NZX is also just as interesting!
s&p500 clearly doesnt seem to be affecting the nz50 at all if you look at the charts , nz50 nearly at new highs , asx nearly at new highs , europe heading back to highs etc
us markets and chinese markets down could be just reflecting all the geo - political noise at the moment once all this resolved? back to highs or down? if down big of course it would affect all markets.
hence why im thinking us markets just marking time but as always when you have elevated geo - risk pays to be careful until becomes more clear.
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