The market showed some weakness this week and did not find support in the previous support line, but although my prediction from last week missed by one day, the market still went up and down as I expected, and is ripe for a bounce. However until we have an hourly close above 1420 (as of friday close) we are still going downwards
Will it be just a bounce or a renewed upward movement? No idea at this point will have just to wait and see
Quite a week wasn’t it? the market went up and up for three days all the way to 1464 just to slam down in the last couple of days to about where we started the week from. So I guess my option 3 from last week was correct after all, even though the market went a little higher than I expected.
So what do I look for this week? The image bellow pretty much speaks for itself
We didn’t get a new low this morning, instead the market went up and kept going up.
As far as I can see tomorrow we should see a pullback, which unless it makes a new low will most likely be a good buy opportunity at least for the short term.
Not sure about what happens next, on the daily it looks like we may be going to new highs, but the hourly is fast going to get oversold and my third prediction from the weekend may yet come true.