The 3 pip range bar study is very sensitive to trend information and as can be seen, has had little to say about the downtrend, since the turn yesterday. However, there is no retracement at the same degree as the wave down, thus far, and I am trying to lose my shorts down here.
The 20 day price envelope has been pushed mercilessly by this move down, but back at the UTL, sits the 5 day and 10day FLDs - purple and red. It is possible that this move makes for the 160day FLD below, before turning back up again, but I would be looking to off-load longs up there, hopefully without any shorts on my back. If price meanders side wards, then the FLDs can be reached without price increases, but a 50-61.8% retracement would be appreciated!
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