Negative divergence in the 4h time frame indicates a sell in the short term. Though I am not an Elliotician I see an ABC pattern as a correction to the
downtrend I have been charting since December. The ADX you can see did not support the upside by turning upward and cycling over 20. This suggests
the bullish move was weak and is likely over and we will turn back down and return to the main trend.
downtrend I have been charting since December. The ADX you can see did not support the upside by turning upward and cycling over 20. This suggests
the bullish move was weak and is likely over and we will turn back down and return to the main trend.
Comment:
We also must see the ADX to turn back up if the bearish trend is to resume
