The Asian market saw the price break below the bullish trend-line that was supporting this correction from the 0.48-0.96 wave.
A break below 0.78 would invalidate Wave 1 at which point I would have to re-evaluate the count.
A break below 0.75 would be a short time bearish sign in my opinion with a potential fall to 0.64.
The Monthly Pivot of 0.75 should provide good support and if the price fell to that point, RSI would also be in over-sold territory.
That said, there is a bearish divergence with both RSI and Fisher, so yeah, Im concerned and would not be surprised at all if we tested the 0.75-0.77 range.
A break below 0.78 would invalidate Wave 1 at which point I would have to re-evaluate the count.
A break below 0.75 would be a short time bearish sign in my opinion with a potential fall to 0.64.
The Monthly Pivot of 0.75 should provide good support and if the price fell to that point, RSI would also be in over-sold territory.
That said, there is a bearish divergence with both RSI and Fisher, so yeah, Im concerned and would not be surprised at all if we tested the 0.75-0.77 range.
Comment:
While the price has been dipping the open interest has not, at least not to the level it was at this price. There 17 million dollar difference between the price at 0.77 and what it is now. I havent figured out how to correlate that to any sort of analysis, but my impression is that its pretty damn bullish.
Comment:
The 0.75-0.77 target I pointed out in the original post was hit yesterday and a nice small bounce happened.
Dont get excited, there hasnt been any follow through yet and it could test that area yet again. On a good note, the more times that area is tested and find support, the stronger that support gets, and this level goes back several months as either support or resistance, and now it is HA Monthly Pivot.
Dont get excited, there hasnt been any follow through yet and it could test that area yet again. On a good note, the more times that area is tested and find support, the stronger that support gets, and this level goes back several months as either support or resistance, and now it is HA Monthly Pivot.
Comment:
The move did invalidate Wave 1. This also brings into question the ABC count, so I have removed both until I see a clearer picture. This could be a tripple ABC, but honestly, with the complexity of correction waves I dont think a guessing game will help any of us at this point.