moving averages are powerful

22. Apr. 2020

Here we are right around 50% in the retracement from our highs a few months ago. For all you Elliot fans these waves have counted out correctly with an aggressive five wave down trend followed by an overly excited correction. The new wave pattern is starting to take sum shape but the biggest concern is the 50.0% and 61.8% retracement level. seeing how most traders nowadays are using bots and algos with more bad news and (jobless claims) coming we could see a few more negative days before we get back to where we were in in early March. Key resistance areas will be the 50 day moving average and the 50%-61.8% retracement levels. Stay cautious optimism on the news is not good enough look at the charts and see the story they are telling you. Have a great day!!