Sorry guys, I've been busy this week and had no time to analyse the boring sideways action. Now the indicators are all heading the same direction: south. Bearish divergences in highs all over the place, that'd be the pink forecast arrow.
But, the trend is still bullish in bigger timeframes, so if we pick up volatility and price dive aggresively we might paint bullish divergence in lows (not hidden, but proper divergence) in the indicators, signaling that this could just be a long bear trap and then after profitting from it, it can slingshot up like the orange arrows show. Stay short until there's bullish divergence in lows in Stochastic, RSI and StochRSI. Take a look at my previous posts for explanations on the Fibs and the yellow trend channel.
Place your bets, gentlemen! Have a nice week ahead.
Comment:
Of course, as always, be cautious. This analysis is only valid if we close the daily candle with the indicators as they look at press time.