Price fell below the $175 level of ascending support in the , which perhaps suggest the failed to work out.
Others people called that same formation a instead of an because of the previous drop creating a pole.
Price movement & trend:
- Broadly, major downtrend in force since December 2017.
- More recently, still in a downtrend since March 6th.
- 55 is trending downward since the last peak of $192
- 9 and 20 are also showing downward trend.
- shows converging histogram, and is moving sideways. Could this suggest a possible move up?
- bounced off the 30 about three times, and the bounces were weak
- appears to have ascending support levels, showing bears losing steam
- Is it possible the weakness indicates oversold levels, and we are ready to see a move upward?
Declining also suggest bears are losing steam
1) Short (blue line). I see a downward , and we are at wave 3, bouncing up to about $176 , then falling down further down to $158.
2) Long (red line). An impulsive could move up and test the $192.
What do you all think?
Do you agree, or disagree with anything of my ideas?
Feedback is greatly appreciated!