@dougboneparth There’s a little caveat to it and it has a lot to do with psychology:
A price tag can filter out the fickle and the teacher ends up with a community of dedicated students who are willing to commit and won’t ruin the vibe. This in turn keeps the teacher motivated.
Resistance at 25,680 has been suspiciously strong these past days. Curious to find out if price action can re-enter the uptrend curve. I remain cautiously bullish.
A bottoming process is always painful to go through, for both the long and short side.
Try to focus on the bigger picture and stick to your bias until proven wrong.
Strong bounce yesterday back to the upper boundary of a downtrending parabola, and 10/20 EMA band. My bias is that we will range a little and eventually head higher.
I dare to bet on a bottoming formation. Friday’s bounce at the weekly 20 EMA (bottom right chart) in combination with a false break supports this case.
Parabolic downtrends (as seen in the top chart) generally end with a final flush that we may have had on the 20th.
Yesterday’s price action felt like a rug pull. Early cheers have been entirely silenced. Prices met with firm resistance at the 10/20 EMA band. I updated my curves to reflect this accordingly.