As you see we broke 50 day MA and retraced to FIB level 0.618 and also at the very same time hitting the support in the RSI. I must say it is a very important level to watch in the RSI. I hope we get a nice bounce by tomorrow IF NOT the weekend's low volume might get us in trouble and if we manage to stay above support level I learn a 5 days side ways movement in the price. TRADE SAFE!
Comment:
So as you see we did mange to stay above the 0.618 fib level and are now building a sideways structure. These situations mostly are considered as bear and bull traps. I believe sideways movement will go on for about a week. I didn't take any position so far will wait for the confirmation.
