RSI is at peak,expect some stability until early first week of April, then a drop to 49.3x, more wedging until break out and up around the 11th.
Always the risk of extended wave 3. Timing is always dodgy with news and events
Also MM continued reducing their long positions. Recent increase in price I believe was largely driven by quarter end closing of short positions for profit and a new short cycle will begin in April, putting further pressure on price for the first few weeks.
Comments
KholleKhokk
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totally agree! My indicators show that we should get to 51.6 zone, but not now - maybe on 14+ April. Thanks for sharing.
JohnBaron
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@KholleKhokk, yes - there is an alternate view that we will extend to 53 wave 3 before pulling back - as always should be interesting