This for me is the min. requirement for an ABC zigzag in case this whole move is corrective.
Good idea to look for signs of the downtrend slowing down or reversing...
I'm not saying that it will but we need to consider it. Stochastics on this TF oversold, RSI has room still, on the daily also still room to continue down. Look to lower TF's to get confirmation!
Shorts: consider taking some profits!
Good idea to look for signs of the downtrend slowing down or reversing...
I'm not saying that it will but we need to consider it. Stochastics on this TF oversold, RSI has room still, on the daily also still room to continue down. Look to lower TF's to get confirmation!
Shorts: consider taking some profits!
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No go, the retracement was almost non-existent, now at the 1.618 which is for me the max. level to consider a simple ABC zigzag and is the alt 1.618AB=CD.
I think it will go down a little more to the MA(200) or thetrendline which lies below this...
I think it will go down a little more to the MA(200) or thetrendline which lies below this...
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It's beginning to look like it will make a 5-wave structure looking for wave 3 to end, see previous comment. This may still be part of a correction though (A wave = 5-wave structure).
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We had some reaction...: I will stop updating this one and post further updates here until I see another trade opportunity:
