Hmmm - looking at this view I am not so convinced that this is a bullish rally after all and could just be short covering?
If I don't see 93.07 broken convincingly with a breach of 93.67 I will turn sceptical of this rally.
The 50% fib level of the lowest low lies at 87.26 which is approximately the same distance from current levels as ''A"
in this scenario as well as +/- the same distance as 1 which is a common feature of the wave patterns
Coincidence??
I still feel that this could keep going up after a healthy retracement but need to see 93.67 broken as mentioned above.
What backs up a bearish view is the highest RSI since Nov 2016 on the daily graph
That said the weekly RSI is stressed out but looking bullish at 57 whilst the Monthly RSI is still in bear territory at 47
If is was a gambling man I would bet on a healthy retrace that stays above 90.3 and ideally 90.6 and then shoot up but I am not and just look at what these graphs are showing
Should know pretty soon which way it will go
If I don't see 93.07 broken convincingly with a breach of 93.67 I will turn sceptical of this rally.
The 50% fib level of the lowest low lies at 87.26 which is approximately the same distance from current levels as ''A"
in this scenario as well as +/- the same distance as 1 which is a common feature of the wave patterns
Coincidence??
I still feel that this could keep going up after a healthy retracement but need to see 93.67 broken as mentioned above.
What backs up a bearish view is the highest RSI since Nov 2016 on the daily graph
That said the weekly RSI is stressed out but looking bullish at 57 whilst the Monthly RSI is still in bear territory at 47
If is was a gambling man I would bet on a healthy retrace that stays above 90.3 and ideally 90.6 and then shoot up but I am not and just look at what these graphs are showing
Should know pretty soon which way it will go