So far the 50 MA on the one hour chart has provided very nice support. We are seeing a doji star and we might see another one too tomorrow... It seems like the market has re balanced the buyers and sellers here.
We should know very soon, as the 20 MA is within striking distance of the 50 MA and this will provide a decision one way or the other.
There is a potential for a move lower here but I don't see any catastrophic failure indicators... meaning a fall below 11000 range. In fact I'm still very positive here as I have been all along. Watching the 1 day and 6 hour charts I don't get the feeling this is bubble crashing territory and I'm thinking a steady move up to the 31000 to 35000 range and another healthy pullback after that.
We should know very soon, as the 20 MA is within striking distance of the 50 MA and this will provide a decision one way or the other.
There is a potential for a move lower here but I don't see any catastrophic failure indicators... meaning a fall below 11000 range. In fact I'm still very positive here as I have been all along. Watching the 1 day and 6 hour charts I don't get the feeling this is bubble crashing territory and I'm thinking a steady move up to the 31000 to 35000 range and another healthy pullback after that.