Price has now fallen to D3 and is being held there for now. If D3 breaks to the downside then D4 will be next. For now though, possible T4 is an upside target as it has not yet started rolling downhill.
The monthly My-Wave has more to do to turn over and the price action is doing a good job of calling these moves of late, corrective. The 30min SMI has bottomed out after what looks like a 5th move down into an expanding diagonal. Whether this is an ending or leading diagonal matters not today, as the drop provided an opportunity to bank some shorts and edge long. A break above the top perimeter may see acceleration but watching what happens in the next SMI cycle uphill is key here in conjunction with the 'D' lines.
No comments:
Post a Comment