Following on from yesterday, price continues within a contracting
diagonal into the FLD trough. I have marked out the possible target for long
positions once this drive down ends with a pink box (time and price). It may be that a
higher time cycle will take over and negate this peak to come, but thus
far, the trough we are in suggests it is the right cycle to follow.
On the daily chart, we can see the higher time frame that I use and the FLD there, is looking like the target and is currently supportive, but if the diagonal holds, we may bounce our way there to test it. Given the momentum study in this chart, I am looking for that final move down to release my shorts and a cut of the above FLD to the downside might be the watershed needed.
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