Divergence, bullish engulfing and a break of the RSI downTrend line. This could be the start of a retrace up to the 1.1050 area. Lets see what the end of day brings.
Comment:
Well we got a little more than the 1.1050 I was looking for but that's all good. I do believe we are nearing a top for this leg up and may see a pullback followed by another leg up for E of the triangle I have been following. A break of the rising RSI trendline will tell us that we are topped or near a top. The trendline will often break on a wave 4 pullback to give us divergence on the wave 5. 56.60 would be a nice place to look for a bounce is a fifth wave is coming.
Just a look at the triangle on the daily chart. When RSI broke above 44.18 and the down trendline it was a god indication that this leg down was complete.
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Just a look at the triangle on the daily chart. When RSI broke above 44.18 and the down trendline it was a god indication that this leg down was complete.