4 Sep 2020 ● 04:19 AM
Two days ago I wrote the 85 reading on the RSI for the S&P 500 meant a short term top only. We got that, just like I said last Friday, a knee jerk reaction for Midcap indices in India because of the RSI of 84. Both have corrected and pushed the RSI far below 70. Now look at the S&P chart. Prices bounced off the 20dma intraday, and that could be the bottom as it was on August 11, the trend up should now just continue everywhere is what I think as of now. The arrows show the 20dma and the recent dip is minor wave iv of 3 up, wave v of 3 up should start.