Have watched price fall through each channel. Only now is there a slowing of Momentum. The average Momentum has been broken and I am hoping to see a divergence where price drops below the most recent low and sits on the last channel line but the momentum indicator moves back into positive territory. Only then will I go LONG.
Comment:
Todays Buying has indicated a strong momentum which has taken it above the peak of the previous high (divergence). However, it hasn't mapped out as I thought and momentum is still negative. Therefore, despite the temptation, I have not entered a BUY trade. I will wait and see what happens. There will always be another opportunity that is more comfortable around the corner.
Comment:
Upward Momentum is slowing and so is volatility. Perhaps the road map is still on as the next move could well be down as momentum is still not into positive territory.