There is strong chance our down trend from highs of the summer has come to its close. We are in the midst of completing a minor wave ii, currently sitting just above 200D EMA. I believe we may see one more push down toward ~8500-8400 before strongly asserting an uptrend.
The rally towards the end of October on the back of news from China was too strong to ignore - if we press further back towards previous lows, we may be in much more of a downtrend than expected. Interesting point in the market, as always.
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Price came down into 8500 area and rebounded. Still hanging onto 200D EMA.
If price does break below this level I will re-evaluate the current count.
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200D EMA looks to have officially broken as we push down into 8500 territory once again. I don't like the current picture at all, and yet, nothing seems too clear. For now, I wait for further price development before evaluating intra-trend count.
Great count, love it. Here's my idea that correlates with push to 8450-8580 region before going up.
Aerot
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@Patrikas10, agree, strong possibility. We'll see how much strength the market has here
Patrikas10
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@Aerot, I remember I had supply region just below some trading range in the summer time.. It was 9040 or something of that kind.. We were hovering around 9300-9400.. Than we pushed down, filled big orders and never looked back until 14k.. It smells just like that my friend. We shall see.