After a big day yesterday, we are seeing healthy consolidation cooling off RSI levels and allowing EMA supports to catch up.
Note the 4 hour RSI was one of the highest points in history in the 90s after we saw the last leg up last night.
This is very notable as even at all time highs we did not see the RSI do that.
we will now look for a base of support and higher low on the 4 hour to be set today.
Last 2 of the 5 min oversold bounces have seen solid returns for short term bulls.
Lots of bulls will be looking to reload, add or initiate a position on some healthy consolidation.
I personally will look to do the same to add to my core swing position.
Only red flags will be notable bear volume and dumps to extreme RSI levels without bulls buying the dip, which is certainly not expected any time soon.
Note the 4 hour RSI was one of the highest points in history in the 90s after we saw the last leg up last night.
This is very notable as even at all time highs we did not see the RSI do that.
we will now look for a base of support and higher low on the 4 hour to be set today.
Last 2 of the 5 min oversold bounces have seen solid returns for short term bulls.
Lots of bulls will be looking to reload, add or initiate a position on some healthy consolidation.
I personally will look to do the same to add to my core swing position.
Only red flags will be notable bear volume and dumps to extreme RSI levels without bulls buying the dip, which is certainly not expected any time soon.
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