First, note how price backed off and failed to touch the higher trendline in August.
Next, the market provided another clue, as the next rally showed bearish divergence on the Stoch RSI.
Though prices bounced from a fairly critical trendline, the last week as confirmed the down direction as price as sold at the 20EMA.
It is fair to assume that more downside is coming, with the critical trendline and a secondary trendline providing support. Ultimately, we would need to see horizontal support (purple rectangle) to keep long-term bullish posture.
I am neutral-short at this point.
Next, the market provided another clue, as the next rally showed bearish divergence on the Stoch RSI.
Though prices bounced from a fairly critical trendline, the last week as confirmed the down direction as price as sold at the 20EMA.
It is fair to assume that more downside is coming, with the critical trendline and a secondary trendline providing support. Ultimately, we would need to see horizontal support (purple rectangle) to keep long-term bullish posture.
I am neutral-short at this point.