After retracing 61.8% of the recent AB up swing (that lasted 2 months from 17 June to 16 Aug), the market finally seem to be finding support yesterday, forming a bullish pin bar and a potential bullish divergence between price and stochastics.
However note that a bullish divergence usually signify a SHORT TERM trend reversal (lasting only several candles) and may not translate into a longer term trend reversal.
There is a chance we could be in a whipsaw market for a while more. Need to be nimble still until we see a clearer picture.
Stay safe.
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
However note that a bullish divergence usually signify a SHORT TERM trend reversal (lasting only several candles) and may not translate into a longer term trend reversal.
There is a chance we could be in a whipsaw market for a while more. Need to be nimble still until we see a clearer picture.
Stay safe.
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!