I think the cycle low is already in around the 200SMA on daily chart
, after a big ABC
corrective pattern and divergence on MACD
, we might or might not break the previous top. The trade was confirmed with today's breakout with solid candle and high volume
. Way overbought on 60min chart, that is usually the sign of turning instead of correction. I entered my long position at 200SMA, but took it out since the start is really slow and I think the low should be revisited. After today's rally, the possibility of revisiting 200SMA in short time is low. We might see $73 soon. Those sellers who still hope one more low will face the reality, probably next week or early September. I will add my long once I saw a 4 hour correction.