Wave encountered a key support/resistance line and looks like it'll be rejected. In addition to this, we have bearish divergence on both the MACD and RSI. Given the corrective nature of the wave, I still doubt it's the start of the bull market. Tread carefully.
As usual, I have no idea what I'm doing and still learning.
As usual, I have no idea what I'm doing and still learning.
Comment:
To justify why I think it's a corrective structure as opposed to an impulse is the appearance of the wave. It's far too choppy rather than a smooth impulse. There's nothing to say it won't herald the bull market but I think it's too improbable.
Another note of interest is that the rejection is close to the 0.618 retracement of the Y wave. I think it's highly probable that we should expect the Z wave sometime soon.