We can deduce a few things from this graph that suggest the end of the correction.
1. MACD. The bullish convergence a few days ago was rejected. But, we can clearly see that the momentum is slowing. The angle between the lines has been getting lower and lower.
2. Fibo. There is some support at 0.236... We've had one candle touching this level on 12-22. And there's been a bit of price action from 12-19 to 12-27 just a little above it.
3. Slowing the momentum has allowed us to consolidate at 3090 and pierce the downtrend resistance line that has been very strong all the way from the ATH.
4. Stoch RSI has been showing oversold for quite a while now.
5. We have an uptrend line forming from 11-27. It took a while to pinpoint the exact angle on the chart but here we have it! As the momentum is slowing, we are just about to touch this line. This will be a very significant 3rd touch that should confirm the new bullish trend.
From there on, we will be retesting the 3090 level and the next level to watch will be 50 MA.
1. MACD. The bullish convergence a few days ago was rejected. But, we can clearly see that the momentum is slowing. The angle between the lines has been getting lower and lower.
2. Fibo. There is some support at 0.236... We've had one candle touching this level on 12-22. And there's been a bit of price action from 12-19 to 12-27 just a little above it.
3. Slowing the momentum has allowed us to consolidate at 3090 and pierce the downtrend resistance line that has been very strong all the way from the ATH.
4. Stoch RSI has been showing oversold for quite a while now.
5. We have an uptrend line forming from 11-27. It took a while to pinpoint the exact angle on the chart but here we have it! As the momentum is slowing, we are just about to touch this line. This will be a very significant 3rd touch that should confirm the new bullish trend.
From there on, we will be retesting the 3090 level and the next level to watch will be 50 MA.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.