MONTHLY:
As we look at the monthly timeframe we have broken out of descending channel and ascended above two levels of resistance. This market has officially shifted its momentum from overall bearish to bullish.
From the Fib levels we can see that the last 2 months of bullish impulse has slowed down some and sellers have stepped in to cool the price down before attempting to make new highs.
Around .50 - .618 is where i would set my BUY LIMITS and take intial SELL profits.
WEEKLY:
Weekly is overall bullish and will be retesting support based on ranging values where sellers are taking charge
DAILY:
We have MAJOR DIVERGENCE on the daily timeframe where we are making new lows on indicator but price has not yet did so. Price has closed under my Kaufman and Kijen baseline signifying the shift in momentum from intraday bullish to bearish.
Lets ride this down!
GOOD TRADING
As we look at the monthly timeframe we have broken out of descending channel and ascended above two levels of resistance. This market has officially shifted its momentum from overall bearish to bullish.
From the Fib levels we can see that the last 2 months of bullish impulse has slowed down some and sellers have stepped in to cool the price down before attempting to make new highs.
Around .50 - .618 is where i would set my BUY LIMITS and take intial SELL profits.
WEEKLY:
Weekly is overall bullish and will be retesting support based on ranging values where sellers are taking charge
DAILY:
We have MAJOR DIVERGENCE on the daily timeframe where we are making new lows on indicator but price has not yet did so. Price has closed under my Kaufman and Kijen baseline signifying the shift in momentum from intraday bullish to bearish.
Lets ride this down!
GOOD TRADING