is in a possible 4th wave in an impulse Elliott wave
series. This correction has potentially run its course indicated by the high level RSI
. I will watch for the correction to either continue to the upside or begin the 5th wave and immediately retrace down to the 1st trend line
. If it is indeed in an impulse Elliot wave
, then it should continue its decline breaking the 161.8% Fib level as well as the 1st trend line
into the demand zone
with a possible rebound on the 2nd trend line
. A close below the 50 MA will be a very good reassurance of a confirmed 5th wave downtrend.