There is strong chance our down trend from highs of the summer has come to its close.
We are in the midst of completing a minor wave ii, currently sitting just above 200D EMA.
I believe we may see one more push down toward ~8500-8400 before strongly asserting an uptrend.
The rally towards the end of October on the back of news from China was too strong to ignore - if we press further back towards previous lows, we may be in much more of a downtrend than expected.
Interesting point in the market, as always.
We are in the midst of completing a minor wave ii, currently sitting just above 200D EMA.
I believe we may see one more push down toward ~8500-8400 before strongly asserting an uptrend.
The rally towards the end of October on the back of news from China was too strong to ignore - if we press further back towards previous lows, we may be in much more of a downtrend than expected.
Interesting point in the market, as always.
Comment:
200D EMA looks to have officially broken as we push down into 8500 territory once again.
I don't like the current picture at all, and yet, nothing seems too clear.
For now, I wait for further price development before evaluating intra-trend count.
I don't like the current picture at all, and yet, nothing seems too clear.
For now, I wait for further price development before evaluating intra-trend count.
Still hanging onto 200D EMA.
If price does break below this level I will re-evaluate the current count.