Big 'ol inverted H&S on hourly...this morning right shoulder...deciding what to do with neckline right here..
This entire episode has been a short term correction in an ongoing bull market. At no time, as of this moment, have we been in a bear market.
Just as the crash in 1987 was never a bear market but was simply a short term correction in an ongoing bull market. See monthly chart below of 1987
The pandemic has largely peaked wordwide and perhaps even in The US. --It certainly has in Washington State and New York. The rest is treating the new cases and new deaths which are decelerating and will decline. The pandemic is basically over. The government response is not.
(I mean no offense, everyone is entitled to their own opinion, good trading to you). When the "Trump flu" starts altering the social order and instead of counting unemployment slips you start counting body bags, are you going to keep cheerleading? I appreciate a positive attitude, but at some point...
He stopped making sense a long time ago. If you just started reading the journal again, you've been missing out on a lot of weird stuff. It's not unlikely that the bottom is in. Personally, I think not. But the pandemic is certainly not over. That's for sure.
https://en.wikipedia.org/wiki/2019–2020_United_States_flu_season The CDC estimates that, as of March 2020, the 2019–2020 United States flu season has caused infections among 36 million people, resulting in 370,000 hospitalizations and 22,000 deaths. Me speaking here-----so you can see, that there are already quite a few body bags in play. In fact, there are generally more than this each year. There is no such thing as "Trump Flu" That being said, I would like to keep politics out of this thread from this point further.
Short term floor being attempted here at yesterday's high as the hourly chart is catching up to the other charts. This breather during the intraday is a necessary evil in big moves.