Hey guys this is the first time I am ever publishing an idea, so try not to be too harsh on me as i am beginner in TA. Over here we can see the narrow range of the bollinger bands
after the breakdown to 5200. Traditionally it appears as if we would break downward to 4800-5000 as we are bear market. However upon a closer look it looks like there may be some short term relief for the bulls after all. The price action and the MACD
is lingering towards a bullish divergence
and the RSI
is relatively in the neutral zone making it possible for a short term upmove to 5800-6000. However, the medium term structure of the market suggests that it will be a sell on rally if we do get to the upper 5ks or lower 6ks. This is to a extent a speculative play and the bullish divergence
could just be a false confirmation, but you need to see both sides of the coin
Happy Trading Guys! Would love some constructive criticism as it would help me improve and make me a better trader !