Price is below all my moving averages, signaling price to be in a downtrend. I was awaiting a break below the 50 EMA, signaling weakness in the pullback to the upside.
Price should head to retest the bottom, potentially making a new low. the Daily chart is in a strong downtrend, so a new low is certainly possible. We are also breaking a new Weekly low, which should produce huge momentum lower.
My moving averages are harmonic in nature...
There is confluence on the RSI with the Weekly chart.
The Monthly, however, is showing divergence. Perhaps after next month, we see a bullish move to retest previous Weekly highs.
Price should head to retest the bottom, potentially making a new low. the Daily chart is in a strong downtrend, so a new low is certainly possible. We are also breaking a new Weekly low, which should produce huge momentum lower.
My moving averages are harmonic in nature...
There is confluence on the RSI with the Weekly chart.
The Monthly, however, is showing divergence. Perhaps after next month, we see a bullish move to retest previous Weekly highs.