Not the beginning of a long term bear market
We don't think it is the beginning of long term bear market. Regardless if current decline from recent high is over or not, it has all the aspect of an A wave which are often surprising waves with investors saying "what the hell was that ? "
It is is very hard to say if wave A is over but If we see more weakness there's some support at 23400+/-
If over or once over wave B can take many shapes but I wouldn't be surprised to see a very sharp rally towards 24800 and even 25500 is possible before we start another decline but this one should be a slow grinding process i.e the opposite of current wave.
It is is very hard to say if wave A is over but If we see more weakness there's some support at 23400+/-
If over or once over wave B can take many shapes but I wouldn't be surprised to see a very sharp rally towards 24800 and even 25500 is possible before we start another decline but this one should be a slow grinding process i.e the opposite of current wave.