There are two different alarming signs in 2 different time frames:
Daily chart: Possible head and shoulders..!
Weekly chart: Bearish Engulfing
The head and shoulders pattern is believed to be one of the most reliable trend reversal patterns. It is one of several top patterns that signal, with varying degrees of accuracy, that an upward trend is nearing its end.(Investopedia) In some references, the reliability of the Head and shoulder pattern is around 80-85%.
A bearish engulfing pattern is a technical chart pattern that signals lower prices to come. The pattern consists of an up (white or green) candlestick followed by a large down (black or red) candlestick that eclipses or "engulfs" the smaller up candle. The pattern can be important because it shows sellers have overtaken the buyers and are pushing the price more aggressively down (down candle) than the buyers were able to push it up (up candle).(Investopedia) In some references, the reliability of the Bearish Engulfing pattern is around 79% .
You can see the most important support (green lines) and resistance (red lines) to watch in the coming days in these charts!
Best,
Moshkelgosha
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Sewnet
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I think it is an ominous sign, especially when the other indices are worst. But on the good news, Powell did the right thing, tapering needs to happen sooner rather than later to turn the tide on inflation. And the new variant is not going to spell doom, we know how to treat it and deaths are going down. We have amazing resilient immunity system, vaccine or not. It's what govt's do, however, that spells doom. Shutdowns create problems and depressions. Now what does this all mean?
irtiwazy
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It means you have crippling schizophrenia
jmai64
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This is the beginning of a deeper correction in the following weeks/months
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