Hello Traders,
the move from 10985-10534 is clearly a „five-down, the countertrend to 10833 is either wave ii or a good portion of it. It retraced shy above the 0.618 Fibonacci of the distance, a typicall target for a wave „ii“! In terms op price the move was to short to be all of wave ii, so I favor the idea of wave „a“ of „ii“. Really often to observe structure for a wave „ii“ is an „Expanding flat“, so it need time to develop.
By observing the a/d-Ratio and TRIN we can state following.
Today, December 27 a/d-Ratio started strong at ~3 and rallied to nearly 5, just for the rest of the day it shows weakening behavior and closed the day at 1.25! The daily TRIN (ARMS Index) closed today @0.84.
Both measures suggest that there is no hint for a start of a rally (a/d-Ratio is to shy and TRIN is to strong), so as before I favor the view for a countertrend push within a wave „ii“!
A daily close with strong volume above the 10888 will, on the other hand, support the view for a strong move up and will turn my stand neutral.
Have a great day.....
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
the move from 10985-10534 is clearly a „five-down, the countertrend to 10833 is either wave ii or a good portion of it. It retraced shy above the 0.618 Fibonacci of the distance, a typicall target for a wave „ii“! In terms op price the move was to short to be all of wave ii, so I favor the idea of wave „a“ of „ii“. Really often to observe structure for a wave „ii“ is an „Expanding flat“, so it need time to develop.
By observing the a/d-Ratio and TRIN we can state following.
Today, December 27 a/d-Ratio started strong at ~3 and rallied to nearly 5, just for the rest of the day it shows weakening behavior and closed the day at 1.25! The daily TRIN (ARMS Index) closed today @0.84.
Both measures suggest that there is no hint for a start of a rally (a/d-Ratio is to shy and TRIN is to strong), so as before I favor the view for a countertrend push within a wave „ii“!
A daily close with strong volume above the 10888 will, on the other hand, support the view for a strong move up and will turn my stand neutral.
Have a great day.....
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.