As the selling continues, it has brought the PPMs 1 and 2 on the daily and the weekly charts into downtrends. While the PPM3 of both daily and weekly charts are still trendless, they are already in negative territory.
However, not all hope is lost. The algos on the PPM1 across both charts are looking at a stabilisation in momentum.
Weekly PPM1 algo looks to stabilise at this range over the next few weeks, albeit at this level. Hence it is still going to be in downtrend for awhile. This could mean searching for a bottom over the next few weeks.
The daily chart is also showing stabilisation of PPMs 1 and 2 followed by a return to 0. This could mean searching for a temporary floor possibly at the first low fib target at 3.096.
However, not all hope is lost. The algos on the PPM1 across both charts are looking at a stabilisation in momentum.
Weekly PPM1 algo looks to stabilise at this range over the next few weeks, albeit at this level. Hence it is still going to be in downtrend for awhile. This could mean searching for a bottom over the next few weeks.
The daily chart is also showing stabilisation of PPMs 1 and 2 followed by a return to 0. This could mean searching for a temporary floor possibly at the first low fib target at 3.096.