Weekly chart shows trend still in a bullish formation, albeit under pressure. However, the 'rsi' from the 1.1890 low has so far held its own trend, notwithstanding the pull back, and with the wave formation still in tact, I am holding bullish overall, until a test of the red 'rsi' trend line, anyhow.
The daily wave shows the reverse: a bearish formation under attack. The 'rsi' trend from the 1.2754 low, was broken in the drop, along with the price channel, but the rsi has reversed back up, along with oversold momentum. A test of the upper perimeter of the light blue regression channel, looks like it could coincide with the test of the daily rsi red trend line. However, such a move would turn the daily wave uphill, which would then be in line with the weekly wave.
The 4hr wave is still bullish and the rsi looks to be turning up from an oversold condition. This does look like a 'b' wave manoeuvre downhill, which has thus far not turned the 4hr wave bearish, albeit the momentum study is not oversold; so there could be more after a retrace up.
So, on the hourly wave chart, we have two scenarios to consider. Is the 61.8% retracement of the move up from 1.3511 sufficient to call this retracement over and if it is, will the next leg up synchronise the 4hr, daily and weekly waves? Or, will we just get a pull back towards the recent 1.3700 high nearer 1.3656, before another leg down. Price sits at the daily FLD (orange), so it is a good place to launch a fight back, and the hourly rsi and price action Friday evening, suggests that is on the cards Sunday/Monday. I am positioned long and will see what I get in return for my risk.
No comments:
Post a Comment