The momentum indicator is positive and the MACD has crossed. The 15SMA and 5EMA have met. It would seem that the sellers are no longer in control but with the unconventional Elliott Wave pattern, it could be that the sellers will step in once more to take the price back down to complete the wave B. If they do, then I would be looking to BUY the bottom of the wave B if the path holds out and all trading strategy parameters are met. N.B.- the horizontal lines I have drawn on the MACD represent ultra bullish and bearish points. Despite the MACD crossing, the signal line has not yet crossed into my "safety" zone therefore indicating the chance of a bearish pullback for wave B.
Comment:
I have set a BUY order at 9019. I always like to BUY around the 15SMA price. There has been a small pullback for wave B hopefully there will be a bit more tomorrow.
Comment:
Selling didn't quite meet my BUY order but having looked at the close today, the price is sitting slightly discounted so I have entered a BUY trade in the hope that we are at the bottom of wave B.
Comment:
FOMO stopped me buying at a more discounted price. I normally like to get in around the 15SMA. However, I have checked the 4hour chart and the wave A was a text book 5 wave up and this wave B currently a 3 wave down. In addition, on the daily, there were 4 days of buying and this wave B is so far four days long. I do believe in market rhythms and I am therefore hopeful that this is the end of wave B and we should start seeing some buying activity tomorrow.
Comment:
Some buying today and although not much, the momentum indicator has moved up a little. So far, these are good signs that bring hope that there will be more buying tomorrow.