Monthly charts are so underrated lately, I need to publish one…

At the moment we have a local Bottom in formation entitled Support 2. This Support may be the Bottom of the Bearish Market or not but keeping an eye on this should be valuable.

As a side note, notice that one of the major differences between this Bear Market and the one we saw in 2014 is the fact that we don’t have a mid Support between Support 1 and Support 2 since the fall from the top of the channel pushed us directly to the bottom. Nevertheless we have a support/resistance around 4800 made previously (while the market was still Bullish).

Categories: Analysis