What a week...the FED minutes came out and initially saw prices spike, then immediately fall back, only to move steadily upwards.
On the Daily chart, we see that price has a confirmed move back into the upward sloping channel and is moving up toward the 50MA.
RSI is in the mid-30s and has crossed over the RSI MA line.
Not bad, but far from confirming the bear trend has ended.
In fact, what I see looks like a classic Wave 4..extending in time, where A up and B dn have completed and we're in C up.
I've made some notes on the chart, but classically we might see price move above the 1st orange resistance line above, then up to the 50NA, where it may be rejected and end Wave 4 up
If this count proves to be correct and Wave 4 Up were to end, then Wave 5 Dn would come next, with a possible target of the lower dashed channel line below.
Or we could be repeating the action from last week. It is possible we may not exceed the post FED high...so keeping an eye out.
Bottom line,,,I'm not chasing here,,,keeping my powder dry for another possible move down,
I have to be Neutral short term, but am still Short in the intermediate term.
What will the chart reveal next?
Best of luck!'
This is not trading advice and is provided for educational purposes only.
Thanks for all the LIKES and FOLLOWS!
On the Daily chart, we see that price has a confirmed move back into the upward sloping channel and is moving up toward the 50MA.
RSI is in the mid-30s and has crossed over the RSI MA line.
Not bad, but far from confirming the bear trend has ended.
In fact, what I see looks like a classic Wave 4..extending in time, where A up and B dn have completed and we're in C up.
I've made some notes on the chart, but classically we might see price move above the 1st orange resistance line above, then up to the 50NA, where it may be rejected and end Wave 4 up
If this count proves to be correct and Wave 4 Up were to end, then Wave 5 Dn would come next, with a possible target of the lower dashed channel line below.
Or we could be repeating the action from last week. It is possible we may not exceed the post FED high...so keeping an eye out.
Bottom line,,,I'm not chasing here,,,keeping my powder dry for another possible move down,
I have to be Neutral short term, but am still Short in the intermediate term.
What will the chart reveal next?
Best of luck!'
This is not trading advice and is provided for educational purposes only.
Thanks for all the LIKES and FOLLOWS!
