Mystery Chart (07-28-2020)

JC Parets
July 28, 2020

From the desk of Tom Bruni @BruniCharting

New Mystery Chart!

For those new to the exercise, we take a chart of interest and remove the x/y-axes and any other labels that would help identify it. The chart can be any security in any asset class on any timeframe on an absolute or relative basis. Maybe it’s a custom index or inverted, who knows!

We do all this to put aside the biases we have associated with this specific security/the market and come to a conclusion based solely on price.

You can guess what it is if you must, but the real value comes from sharing what you would do right now. Buy, Sell, or Do Nothing?

Here’s this week’s chart.

What we have is prices reaching their 161.8% Fibonacci Extension of the largest base in this trend and momentum diverging negatively.

Click on chart to enlarge view.

That begs the question, is this little consolidation the beginning of the end for this trend? Or is this a little pause before its next leg higher?

Tweet me your thoughts @BruniCharting or email bruni@allstarcharts.com and check back on Thursday to find out why this chart is relevant.

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Allstarcharts Team

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