Some possible movements based on fib retracements, algo trade targets, elliott waves and past correction patterns.
Chart ilustrates the long term correction.
The short term is possible if the full correction ends in wave (Y). For so, we need signs of divergence when completing the (Y) wave, with daily RSI standing above 26.98, which was the lowest value in the cycle correction till now ( 2018-02-05 and 2018-06-13 ).
The strongest RSI often lays between the range of the 3rd wave of the 3rd wave of the 3rd wave of the cycle/movement. Because we have two points with the lowest RSI, is hard to say which one is the "turning point" in momentum. However, the wave structure tends to indicate that the turning point is sitted at 2018-06-13 (btw, it is the lowest of the 3rd/3rd/3rd of wave B-C), leading us to the case of a long term correction.
Chart ilustrates the long term correction.
The short term is possible if the full correction ends in wave (Y). For so, we need signs of divergence when completing the (Y) wave, with daily RSI standing above 26.98, which was the lowest value in the cycle correction till now ( 2018-02-05 and 2018-06-13 ).
The strongest RSI often lays between the range of the 3rd wave of the 3rd wave of the 3rd wave of the cycle/movement. Because we have two points with the lowest RSI, is hard to say which one is the "turning point" in momentum. However, the wave structure tends to indicate that the turning point is sitted at 2018-06-13 (btw, it is the lowest of the 3rd/3rd/3rd of wave B-C), leading us to the case of a long term correction.
Comment:
*obs: the RSIs are the same (input 14).. just use 2 to draw cleaner..
