Quick question? Pulling from the low on the hourly chart at around 106.77, up to the high of around 133.34, you can see WMT have a clean bounce off of that .5 fib level. Also does the upward trending RSI and MACD change your perspective on a possible trend reversal to the upside? Do you see a micro bullish bounce followed by a macro pull back?
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@michaeltaps, Yes a highly possible scenario. A bounce to revisit the neckline aka bull trap and then continue downwards. I am neither bearish nor bullish right now since there's still no confirmation on the price action. Having said that, i am leaning toward a more bearish scenario. Thanks.