Using Elder's Force Index to Determine the "Bottom"
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Elder's Force Index helps to determine turning points in the market. If you look at the weekly, each spike in the efi has retraced to zero or below. The reading has yet to approach zero. However, when it does, a turning point could be near.
Nota
As you can see, the efi reading is still above zero. We are still on track for more downward movement
Nota
EFI is now below zero and is looking like it may be reversing. If the weekly candle closes at or above where it is at, we have a high chance of starting the next bull run. Let's see what happens.
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