HELLO ALL AND GOOD EVENING TO EVERYONE!
In the last update the CME gap was brought to attention. We have thus far made our way up in attempts to fill this gap and will most likely continue until filled.
Now, putting that aside and looking at some key similarities in price action along side technicals to determine the potential mid term outcome.
The last time we had a golden cross - the 55D EMA moving above the 200D EMA - there was a strong move following it. What preceded this event was a break of and support hold on the 200D EMA. Another thing to note is the Stochastic RSI value which was bottomed out after reaching this support level. The Fib extension that was hit after this was the 2.414 that occurred in 3 steps.
Looking at current price action we, we can see that the setup is almost identical. We have a 200D EMA support preceding a 55 and 200 golden cross with the Stochastic RSI bottomed out. If history is to repeat/rhyme, we should be seeing three steps up to the 2.414 fibonacci extension rather soon.
EVERYTHING HERE IS MY PERSONAL OPINION AND NOT TRADE ADVICE.
In the last update the CME gap was brought to attention. We have thus far made our way up in attempts to fill this gap and will most likely continue until filled.
Now, putting that aside and looking at some key similarities in price action along side technicals to determine the potential mid term outcome.
The last time we had a golden cross - the 55D EMA moving above the 200D EMA - there was a strong move following it. What preceded this event was a break of and support hold on the 200D EMA. Another thing to note is the Stochastic RSI value which was bottomed out after reaching this support level. The Fib extension that was hit after this was the 2.414 that occurred in 3 steps.
Looking at current price action we, we can see that the setup is almost identical. We have a 200D EMA support preceding a 55 and 200 golden cross with the Stochastic RSI bottomed out. If history is to repeat/rhyme, we should be seeing three steps up to the 2.414 fibonacci extension rather soon.
EVERYTHING HERE IS MY PERSONAL OPINION AND NOT TRADE ADVICE.