UPDATE!: 2/24/20 06:00am EST Looks like the market did not want to wait and the completion scenario is jumping ahead to the 'larger structure' referred to in the original post below. An assessment of likely new short-term targets is underway. There is a possibility that the price pattern is fulfilling a degree size at the weekly level which would be a very significant call- that scenario was briefly looked at last week but may now require a more in-depth analysis.
Global Trading Signal: Looks 'Neutral/Optimistic' - in the face of declining prices that could be indicating more downside to come as fear may not be showing up right away. Let's see if that aspect changes today.
Original Post:
The top flag is a low value orange so not as strong as the previous top on 1/25/20. By itself, it may complete sooner rather than later- however there is evidence to suggest these flags are part of a larger structure that is unfolding due to their frequency and also that they are contained in a very strong down-leg on the weekly advance-decline (nyad) MACD plot (see bottom chart)- so expectations going forward are for a fairly significant development but there are not enough fully formed patterns yet to effectively estimate conditions for a likely major (multi-year) top.
Global Trading Signal: Looks 'Neutral/Optimistic' - in the face of declining prices that could be indicating more downside to come as fear may not be showing up right away. Let's see if that aspect changes today.
Original Post:
The top flag is a low value orange so not as strong as the previous top on 1/25/20. By itself, it may complete sooner rather than later- however there is evidence to suggest these flags are part of a larger structure that is unfolding due to their frequency and also that they are contained in a very strong down-leg on the weekly advance-decline (nyad) MACD plot (see bottom chart)- so expectations going forward are for a fairly significant development but there are not enough fully formed patterns yet to effectively estimate conditions for a likely major (multi-year) top.
The bots will flag a "V" when they see a top.
Our favorite go to site- McVerry Report
This information is for entertainment purposes only. Financial loss can occur from investing
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