From an Elliot Wave analysis, this correction has been difficult to chart. Since I wouldnt feel confident in any analysis when it comes to Elliot Wave theory at this point, I am not going to include any such analysis until after I feel confident a correction has in fact been confirmed by a new high above 0.96.
I could try and plot lesser degree Elliot Waves, but the farther you zoom in the more difficult it becomes as there are fewer and fewer data points.
That said, from this chart you can see a clear reaction of current price to a trendline that has formed during this correction. A close below that line would have a high probability of signaling a push to the Monthly Pivot Point.
There is an indication on Fisher that this downward movement has ended, not to mention the oversold territory of RSI.
CAUTION: We all want the price to go up, and that desire makes it super easy to interpret data and make assumptions slanted to bullish moves. Multiple rejections at the .90-95 level is a pretty bad sign. A break below this trendline, followed by a break below the Monthly Pivot Point would be disastrous.
I could try and plot lesser degree Elliot Waves, but the farther you zoom in the more difficult it becomes as there are fewer and fewer data points.
That said, from this chart you can see a clear reaction of current price to a trendline that has formed during this correction. A close below that line would have a high probability of signaling a push to the Monthly Pivot Point.
There is an indication on Fisher that this downward movement has ended, not to mention the oversold territory of RSI.
CAUTION: We all want the price to go up, and that desire makes it super easy to interpret data and make assumptions slanted to bullish moves. Multiple rejections at the .90-95 level is a pretty bad sign. A break below this trendline, followed by a break below the Monthly Pivot Point would be disastrous.
Comment:
If we zoom out farther we can find this trendline to be more significant
