Bearish signals beginning to swamp bullish signals.
Notes on the chart say it all. That red daily is a textbook reversal candle. TD would say to watch that red 2 today. If it trades above the red 1, we can expect a continued uptrend, but would take this more as a signal to close shorts and wait to open longs. TD would suggest that if today closes below the open, we should consider that as a confirmation of the 9 count. 20ma crossing up suggests a long-term trend change.
I am short but watching for bearish signals to be invalidated. I had some spot buys but am scaling out of those.
Breakdown from the red box would mean crossing back into the months' long downtrend and over the two moving averages, and validating the red 2. That would be a strong short signal, and I will add there. Targets would be 4400, 4200, 4000, and 3850.
I am short but watching for bearish signals to be invalidated. I had some spot buys but am scaling out of those.
Breakdown from the red box would mean crossing back into the months' long downtrend and over the two moving averages, and validating the red 2. That would be a strong short signal, and I will add there. Targets would be 4400, 4200, 4000, and 3850.
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