We have two scenarios in play.
REDLINE SCENARIO - After examining RSI, I came to a conclusion we could be heading for an oversold area, similar formation as marked on the RSI with red circle and only after then we continue our way down.
WHITE LINE SCENARIO - RSI tends to move in the sine wave pattern, which on the previous trend tends to repeat (marked with a white circle).
Either way, we will be touching 2013/14 highs.
Goodluck.
REDLINE SCENARIO - After examining RSI, I came to a conclusion we could be heading for an oversold area, similar formation as marked on the RSI with red circle and only after then we continue our way down.
WHITE LINE SCENARIO - RSI tends to move in the sine wave pattern, which on the previous trend tends to repeat (marked with a white circle).
Either way, we will be touching 2013/14 highs.
Goodluck.
Comment:
Additionally, speaking of REDLINE SCENARIO - counting the price range in percentage on the oversold area, the previous oversold rose 20%, which speaking of this price now would take us to the upper selling area above 100. I think this count would be more ideal.
Trade closed: target reached
Trade active