A short term bounce but more selling to come for QNTIn the short term we can expect a bounce back to the 618 Fib from here. From the volume profile 1) we can see selling decreasing. Momentum shows to be turning from the MACD divergence 3) and the RSI starting to curve up near the lows 2).
The medium term picture still seems to suggest more selling to come. On the daily, we have ultra high volume bars near the highs, which we can assume to be selling. We would like to see a crossover on the MACD 2) and for the RSI to come down at least to the midway point. We can look back to the previous correction that lasted several weeks and anticipate something similar, into September.
