I didn't think we would close the week with a down trending ST, but we did. Coupled with an oversold intra-day chart. Next Monday stands on the bearish side. But the only thing holding anything back for the bears case is the question "Is this price movement impulsive enough?". We noted a few days back that 1865 - 1860 would be the range to look for and we have that at todays price action. With a 3 wave move down, this would be characteristic of a corrective move. Therefore we would like to see another wave lower if we even have any hope of a concerted bearish effort.
The CIT range highlighted in pink has once again shown a turn, but needs to be played out a little longer to see if its a minor or major CIT. Our MT still has not changed direction. This is quite bearish IMHO. The trends have now come back in sync with each other and when they do it usually is a strong move.
MT: DOWN
ST: DOWN
PA: DOWN
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