In NFTRH, we have expected a “bounce” and Huey is finally doing just that; bouncing. But there are several parameters and milestones we are managing on daily, weekly and monthly charts (we’ll update in NFTRH 447 on Sunday) before this bounce can be called anything other than that. Just as has been the case on the two previous attempts per the red arrows on the daily chart below.
Here is daily Huey, obviously at one of the short-term parameters, which is an intersection of a trend line and the SMA 50.
But a weekly chart presents a still-negative view while the monthly says all of this up and down is still going on against a constructive big picture backdrop.
We’ll reserve those two charts for this weekend’s report. Day traders and bounce players probably only care about this daily chart and its bounce, but I care about the longer time frames because I don’t like day trading and because I do like locking and loading new trends. Not there yet, but as we’ll show in #447 the daily and weekly would need to work together in signaling if and when the positive signal on the monthly is ready to come to fruition.
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