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Strategies & Market Trends : ajtj's Post-Lobotomy Market Charts and Thoughts
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To: catou1 who wrote (82740)11/10/2023 2:44:19 PM
From: Sun Tzu1 Recommendation

Recommended By
skier31

  Read Replies (2) of 97526
 
Cat, there are no bearish patterns that I can see.
Yes, the market is overbought, but that is always the case in an uptrend.
So I'd like you to look at my 2nd indicator below. That is a countertrend RSI. It crossed the midpoint where I have the marker, which among other things is why I knew a bear trap is coming up. BUT, it has no confirmation form the regular RSI (the top indicator). Which means it was just a trap and not a trend change.
Importantly, it is now oversold and on the way up.

But of course, the market can do anything at any time. It's just about stacking the odds in your favor.

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