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Daily chart
The small dashed trend lines join the 100 day lows. The wide
dashed lines are not ‘100 day low joiners’ and as such are seen as interim
support from 'inside wave' action and possible pathways. Price is sat at the
side wards ledge created by the last two 100 day lows and is likely to see a
turn near here, as the 75day low is due too. It could be that this leg down has
been the ‘c’ wave in a flat structure since the last 100 day low, but given the
likelihood that the next 100 day low will either see a new low than this one being
created or a retest of it, I am going to assume that this is just ‘a’ of ‘c’ of
‘B’ down.
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240min Chart
The juncture of the 8hr, daily & weekly bollys looks
like a good place for this ending diagonal to end and another leg down may just
do that. The momentum cluster looks supportive of a drive up and the green 25
day FLD and the 75/100day MA band at the 8hr bolly looks like a good target in
due course. This would be my ‘b of c of B’ from above.
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10min chart
5 red bars continues the bearish theme but the sweeping up
and down inside the weekly price envelope (red) and the ending diagonal in the
last chart, suggest that buying the bottoms of the latter may be rewarded in
due course, although this is against trend and likely to be the wrong side of
the pink FLD and the daily pivot. Until then, selling the strength still looks
good.
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