Lots of information to pile onto my post on the weekly scale.
Short term direction continues short to 3978.
Short arguments:
Long arguments:
Outlook:
Hope this helps your analysis.
May the odds be ever in your favour!
Short term direction continues short to 3978.
Short arguments:
- Elliot Wave did not - Expected wave C to go farther to flip it to a wave 3 on long
- Fibonacci retracement stopped right at 4178 (50%) - Closes at top and bottom of the initial downtrend
- We have crossed 21 EMA currently
- All data isn't helping the feds bullish hoorah's on rates for long-term
Long arguments:
- Golden cross last week with 50 and 200 MAs
- We are still north of that major downtrend between the yellow
Outlook:
- Closing below 4070 today would have us below the 21 day EMA
- Support around 3980 with 50 MA and our upward rally trend line
Hope this helps your analysis.
May the odds be ever in your favour!
Comment:
So we closed above the 21 day EMA. Shorts sold. Potential Long early next week. Have a great weekend!