Looking for a break below $8.75 to affirm a "C" wave down. Prices is in a sideways movement for now. Prices is rather resillient in the face of a 168pts drop in DOW overnight. Any weakness might be muted and more subdued. Take note of the MA on the weekly chart as well, which shows some sort of support at $8.75. However prices has triangulated outside the cross between the upward and downward sloping lines. So anticipating a move one way or another. Favouring the downside for now.
But keep in mind the largey monthly perspective which looks like the metals stocks charts with a triangular consolidation. Prices seems to be posied for a major move upwards.
No comments:
Post a Comment