There have been a number of ABC selling patterns so I was thinking that perhaps an Elliott Wave Pattern 12345 is now on the cards. The momentum indicator is positive and showing good strength against the previous spike up. The 14SMA and 5EMA are relatively close together but have not crossed positively yet. A BUY trade is on the cards at an average price but I will wait for the close tonight before making a final decision.
Trade active:
Momentum indicator positive and 5EMA facing up. Price on 5EMA and below 14SMA so not paying a premium to get in trade. The only negative is that the 5EMA and 14SMA have not actually crossed to the upside. Therefore there is slightly more risk on getting in now.