Are we at the beginning of an uptrend like the one started in 2008 following the Global Financial Crisis or are we at the top already?
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Thank you for your support and for sharing your ideas.
Be good!😉 Cozzamara
Disclaimer: Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
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By adding the RSI(14) interesting to note how a similar peak to the one just made in 2020 was formed by the indicator back in 2008 in between Bear Stearns and Lehman Brothers
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Adding a 9 period SMA and circling areas with movements similarities
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Important to note that the three movements in the circled areas becomes all corrections when crossing the 9 period SMA
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Now I need to find some instruments that help in determining if the bottom of the 3rd correction is in place or is still to come. By looking at the RSI I'd expect a bottom to be formed on the equilibrium level of the indicator as it happened in 2008 before the bull run but it's only my expectation. Instead, at the top of the uptrend, the RSI supported the end of the correction well above its equilibrium level.
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I had the idea of adding the Stochastic by looking at the idea of @TraderRadeau
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To call for a bottom of the correction with no cross on the Stochastic on this timeframe is premature in my opinion even though its pushing into a supportive area from which it is bouncing on the 4H chart.
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But a pullback into the 9SMA from the lower band of the bollinger cannot be ruled out
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Another way to look at it
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Depending on the starting point of the run it is possibile to use Fibonacci to calculate the retracement
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The last one shows support at 0,618 Fib of DB. D being the Pandemic V-Shape recovery
Hey mate, how are you?. Long time no see. And as always your analysis is complete and informative 🔥👍🏼
cozzamara
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@TraderRadeau, thank you bro🙏 I do my best trying to dig out usefull informations from charts😁. I've been absent for some time but everything is fine. Tx. Everything ok with you? I see you've been sharing an interesting idea on Gold too👍. Looking for the continuation of the bounce from major supportive area. The oscillator crossing was a nice trigger👍😁
POSINEXA
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@cozzamara glad to hear that if you are okay ☺️, are there other projects outside of trading now? 😁. Unfortunately, there are some assets that lost money, not many, only hit by the stop loss that I have setup, because I did not pay attention to important (fundamental) news such as Europe is now in lockdown again due to the addition of Covid-19 cases, so that some assets (for example Forex) are still falling, such as AUDUSD (even though my analysis is that this pair will bounce on the previous Thursday). It's okay, I already predicted an unexpected risk 😩