What an exciting performance it is doing, isn’t it?!
2 months ago we drew the right track for the market down move and the price seems to “feel quite at home at every corner” sliding on our comfortable track. Enjoy my multicolored graph as well the newly painted lows on it along with the perspective!
So we will probably see a lot of sideways movement over the coming days and probably a lot of distribution again after weak retracements. The other day there seemed to be an inverse H&S and bulls were trying to break the neckline however one might break the imagined neckline but there won’t be enough buying power in the market to push it much higher.
Ironically these thoughts all fit the same picture I have been announcing for a few weeks now. Hopefully we will see that panic V shape low and get over with the bear market. That last big triangle shows us very low prices in the not so distant future but this might be the ultimate test to see where buyers really jump in to buy this market up. It will be a horrible year for bulls waiting to see higher prices if we drop big and we don’t see a bounce up big.
More than half a way is already behind us since the end of April!
ICBF’s Asset Manager Alexei Fedorenko