So we're back where we were in June 2023. If you look hard you can see a head & shoulder formation in the charts. Which means that we can see the move down. And I personally believe that its around 40K level, so another 8 -10% from where we are right now.
Looks like a bottom is forming, but we have to take a step back to see if that really is the case.
Once again, the candle has poked its head above the trendline, will it stay above by close of day or will it fall below. Let's wait...
We got a 600 point swing intraday today. Are we bottoming out?
It looks like we could break the downward trend. But today being the first of the month, we cannot be so sure. Will have to wait a day or two. But this is a bullish indication. The challenge is we're at the convergence of both the moving averages. Critical point.