Falling Wedge + Bullish RSI convergence on FAANG
Although I biased bearish for the past year, the markets are clearly oversold and, furthermore, appear to be showing consolidative pattersn.
FAANG index is also showing bullish consolidation.
We have a falling wedge and a strong bullish RSI convergence.
I believe the recent downturn was also an ABC move.
So, in short, although we are down a lot, we have a very bullish outline despite the bearish macro-narrative.
FAANG index is also showing bullish consolidation.
We have a falling wedge and a strong bullish RSI convergence.
I believe the recent downturn was also an ABC move.
So, in short, although we are down a lot, we have a very bullish outline despite the bearish macro-narrative.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.