Support at the 61.8% level from the latest low and high is being tested as support. Daily momentum is posting weak signals and likely not enough to push price through the golden ratio.
The ADX is still in a trend strength zone, and the directional index lines are flattening out. This looks lie a picture of a correction against a new near-term bullish move.
The RSI is holding support inside its bullish zone at the same time price is trying to hold the floor along the 61.8% level.
If this level holds as support I can see a 5-wave scenario to lift the price to the 61.8% Fibo level in the coming weeks.
Wave 2 can retrace all the way back to the beginning of wave 1 and still be legit. My sell stops would be a new low under $3215.20. For now the floor holds and higher prices ahead in the coming weeks.
The ADX is still in a trend strength zone, and the directional index lines are flattening out. This looks lie a picture of a correction against a new near-term bullish move.
The RSI is holding support inside its bullish zone at the same time price is trying to hold the floor along the 61.8% level.
If this level holds as support I can see a 5-wave scenario to lift the price to the 61.8% Fibo level in the coming weeks.
Wave 2 can retrace all the way back to the beginning of wave 1 and still be legit. My sell stops would be a new low under $3215.20. For now the floor holds and higher prices ahead in the coming weeks.