Last downward spike started a new bearish channel , However it has since recovered and climbed back into and riding along the bottom original bull channel . Doing so starting a new 3rd wave Which fits the overall larger Elliot wave from last year.
Reason to believe bulls are back:
Volume is slightly bullish
RSI found support in bearish zone after being oversold
S. RSI is x'ing over on 4 HR 0.76%
Bounced off Fib support and bottom off bull channel at same time.
Reasons the Bears are fighting back:
long range Elliot 4th wave poked below wave 1, through channel. Could show overall sentiment and weakening of channel
Fact that analysis could be out to lunch.
Thoughts/ feedback welcomed
Reason to believe bulls are back:
Volume is slightly bullish
RSI found support in bearish zone after being oversold
S. RSI is x'ing over on 4 HR 0.76%
Bounced off Fib support and bottom off bull channel at same time.
Reasons the Bears are fighting back:
long range Elliot 4th wave poked below wave 1, through channel. Could show overall sentiment and weakening of channel
Fact that analysis could be out to lunch.
Thoughts/ feedback welcomed