Not sure if this is the big one that will bring it down to .618 .786 fib levels of its run since march....but we definitely have confirmation that its beginning a healthy correction.
Please share your thoughts and engage in discussion. Any other indicators saying the opposite, or confirming my analysis?
Comments
ZilchTheNada
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ADX is signaling a selling action, whereas both RSI and STOCHRSI are indicating that its being oversold. What's your entry point ? Ive thought maybe 0.121, but we'll have to wait for a pullback for it to happen.
TheTechnique
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@ZilchTheNada, I entered at .128 and am preliminarily targeting .5 fib
TheTechnique
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@ZilchTheNada, And on the daily chart, stoch and rsi are indicating that they are leaving overbought levels and making their way down. They are not signaling oversold yet
ZilchTheNada
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@TheTechnique, I was referring to the hourly chart, but I guess you're right when it comes to daily. The price broke the pivot point @ .124 and will test first resistance @ .131 before dropping at 2nd support @ .118-.121... I'll wait for second support before entering.