RSI
Tells us two things
- Cannot seem to break resistance at 50
- Hidden Bearish divergence (Price Makes Lower High's, but RSI does not make lower highs, look at coloured arrows)
Both tell us further downside is to come
Elliot Wave
- According to my count, Wave 3 finished off with a nice 100% extension.
- Wave just completed a nice 0.382 - 0.5 retracement
- Final 5th remaining
TP1 is at wave 3
TP2 just above 0.5 Fib (Of whole upswing)
TP3 just above 0.618 Fib
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If successful, I will be looking for long entries for wave B of this larger correction
If unsuccessful and SL is triggered, Wait to see how price reacts to the trendline, maybe this wave 4 is not fully complete.
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Thanks for reading, any comments are appriciated
Tells us two things
- Cannot seem to break resistance at 50
- Hidden Bearish divergence (Price Makes Lower High's, but RSI does not make lower highs, look at coloured arrows)
Both tell us further downside is to come
Elliot Wave
- According to my count, Wave 3 finished off with a nice 100% extension.
- Wave just completed a nice 0.382 - 0.5 retracement
- Final 5th remaining
TP1 is at wave 3
TP2 just above 0.5 Fib (Of whole upswing)
TP3 just above 0.618 Fib
---
If successful, I will be looking for long entries for wave B of this larger correction
If unsuccessful and SL is triggered, Wait to see how price reacts to the trendline, maybe this wave 4 is not fully complete.
---
Thanks for reading, any comments are appriciated