This is what I see
See you guys at the the two fib levels, but most likely turn around on the 618 line. There could be some pull back to the 200 EMA but with money flow going into the red its just a formality.
- Support line broke
- 50 EMA broken
- 200 EMA broken
- Momentum waves to the down side
- Money flow going into the red
See you guys at the the two fib levels, but most likely turn around on the 618 line. There could be some pull back to the 200 EMA but with money flow going into the red its just a formality.
So looks like it hit the one fib level 38.2% and bounced beautifully. SO the next step is to test the support line, if it rejects the line then retest again on the fib line, but this will then create a head and shoulders pattern. Lets take this one step at a time.