Well, we are getting close to the $8.400 Pivot
Line. We have had this Pivot
Line play a role for 8 days as either a strong resistance or as weak support. The daily is showing a bearish
Bias, but also it is showing some good possibility of a Support at the Pivot
. NOTHING TO BE EXCITED ABOUT. Since we have not a single piece of confirmation this is the end of the bearish
momentum. So if you are out waiting to get in. Let's wait for a good confirmation of the reversal. No pattern in the smaller timeframes can provide sufficient evidence of a bounce back to the bullish
side. So it is a waiting game, Again, yes again.
For all of you crazy enough to buy dips, this pivot
could present an opportunity, but please read this words again. I AM NOT ADVISING TO DO THIS, just pointing out that this could be a good support and this is, in fact, a historic pivot point
Only time will tell. Let's give it a couple of days to see if by the end of this week we get some bullish
momentum going that could take us out of this levels.
Just take it easy.
Cheers and Wise trading.