There is a high probability that the rally or corrective moves are still progressing. But I suspect this is just that.. A correction. We ultimately should have lower prices going forward. Now of course this is what I feel will happen and wont know until all the indicators agree with me. The reason why I state this is that the intra-day movement has been on the up, all the while the trend is lagging and still bearish. This what I like to call a reset.. A topping of the indicator while another lags behind at the bearish range. The only thing that will change this sentiment is if our indicator stays in the OB position for a longer period of time. By doing this, the bearish / bullish indicator would have time to catch up.
MT: DOWN
ST: DOWN
PA: NA
Last night I wrote a note on the chart saying that shorts would have been initiated before the market close. With the move higher by our intra-day chart and price going sideways, this would have been a good time to cover and wait the correction out just to be sure as the price trend was up.
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