As you see so far this year’s correction has been following the extremely closely. Emphasis is given on the fact that at the moment we seem to be at the point where the price is rebounding after near contact with the 1W MA200 (orange trend-line) similar to March 2008. If we get a rejection on the 1W MA50 (blue trend-line) by the end of the Summer, then the will get most likely confirmed and a 1W MA50/100 Cross after a break below the 1W MA200, can initiate the final and most aggressive part of the index collapse. That may take us to levels not see since early 2016.
Now of course that comparison alone can’t form any trading strategies but could be used as a long-term benchmark for entering/ exiting on time. Even the 1W sequences are so far identical as the sentiment of realism vs denial certainly seems to be in the early 2008 levels.
Food for though for sure. What’s your opinion?
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