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still in a downtrend? short term long position
price is going down but rsi is going up.
abc extension is close to finish. looking for long opportunities now
break after a triangle
you had a rising wedge forming but it broke then showing signs of bulls still in control
this push up could be the starting of a uptrend.
when it comes close to the vertical blue rectangle it can break out in an impulse.
overall trend is down on weekly time frame.
bouncing of the a to b leg can change the structure. rsi showing support at 50%, smaller Elliot wave showing in correction, also see a potential trend line.
in the year of 2016 you see a bullish drive to the upside.