Last week there was a triangular convergence pattern with rising lows on the chart, and I thought Friday's US market would be a starting point, but based on the chart, it was a position where it would appear whether it would lean upward or downward.
So far, it turned into a catalyst for upward momentum right when Wall Street's vacation ended...
If it weren't for the Iran variable, I think we'd need to watch whether Micron starts with a gap above $1050 today and whether a short squeeze occurs.
Since late August, after the US market software profit-taking occurred, I was watching where the money would go. At first, I thought it might go to crypto. After all, money circulates, so it must have a destination, and I thought it might go to one of coins, gold, or semiconductors. From late August, I could see that buying pressure was coming into semiconductors in the US market and it was enduring downward pressure, so I thought it would bounce up once... but I didn't expect it to rise this sharply.
While reading charts is unscientific, market psychology is somewhat involved, so triangular convergence or double tops and double bottoms tend to be correct in that they go either all in or all out directionally. It seems more helpful to understand it as just what the current state of the market is rather than trying to predict the future through charts.
When the lows are rising like now, it also means that supply levels are being absorbed in the market. Even if downward pressure is applied, if all the supply comes out, it doesn't fall as easily, as if the sensitivity dulls.
With the Iran variable still remaining, it's difficult to be optimistic about the market, but it seems to have become the second step in the uptrend transition that came simultaneously with the previous trend reversal.
Until the closing curtain, it could switch to decline again due to oil prices and war issues, so I need to keep a close eye on the market.
