We've been in a strong pullback which we are nearing the 50 EMA which I do believe we will bounce off & continue moving in the Uptrend. If we do we will see a slight pullback then a nice spike heading into the weekend.
If we do fall below the 50 EMA we may retest the previous resistance at .020 then see a Consolidation phase unfold heading into the weekend.
We've got 2 scenarios that we may see play out, we may hit this resistance fall below to the .018 resistance fall below it with a retest then continue down too .017
If we hit this resistance & test .018 followed by a Touch & Go we may he headed too .02 early Friday morning. Appears we may be creating a Cup & Handle which would be great for the weekend.
As you take a look at the RSI it indicates we broke through the top of this Bearish downtrend & set for a retest phase.
Next we need to pay attention to the retest, if we're able to retest the wedge then continue this uptrend & look for a bullish trend to establish itself. Or if we will fall below the wedge & look for our resistance at .019, if we do break that...
I've gone ahead & broken down the phases we've passed through, starting from the left we were in a nice Uptrend consolidation which led to a oversold situation that formed into a Inverted Head & Shoulders.
Following the H&S we say a Bullish Elliott's Wave into a triple top in which we've been in the sell off-phase. As you see we are approaching the 200 EMA also...
