There is good support where we are, we got a good bounce here on the 2nd so clearly someone was buying here. I don't think we go lower, also price is in a falling wedge. As long as price stays where it is in premarket I say this breaks out early in the morning of the 9th, getting us back over some moving averages and putting price up around 7 or 8, maybe working our way up to the 0.618 fib level for this whole move at 11.30 in the next few days.
If the wedge doesn't break upward then we drop lower into it and end up around 5.30 to 5.00 where we would hopefully range and break upward out of the greater wedge on the 10th or 11th.
Until this drops below the 200 and 400 EMA my bias is that this wedge helps us reverse this short term downtrend.
If the wedge doesn't break upward then we drop lower into it and end up around 5.30 to 5.00 where we would hopefully range and break upward out of the greater wedge on the 10th or 11th.
Until this drops below the 200 and 400 EMA my bias is that this wedge helps us reverse this short term downtrend.
Comment:
Wedge failed. Volume never showed up in a meaningful way to break up or down explosively. On to the next idea:
