December last year, the price gained that month 10% which was one of the few best months of the year, and tried to continued into this year, it failed and reversed that upside swing momentum and printed a new lower low from Dec low. It gained almost 10% from Jan low before it gave up all of it. It was not a good sign at all and price violated with strong volume
3-EMA and printed a new lower low from Dec, and Jan lows. April low supported with light volume
suggested the bottom was in process and best trade was to take long above the consolidated square..or short below the lower. End of May price broke out upside and built a strong upside swing which printed higher highs and higher lows. Now, August price bounced from 61.8% from July low to July High which gives us some conviction that if price holds August low there is higher probability that we will see a new higher high or reclaim of December high. Stay safe and follow us if you like it.