Trend momentum, measured by the ADX indicator, is just starting to come to life. Momentum for the bears is light, but is growing.
This move in momentum, along with the downside break of the red 61.8% Fibonacci retracement line, puts the previous 3128 low in jeopardy.
Setting up a Fibonacci extension with eyes on the black 1.272% level gives a nice target to...
Momentum is still light, so I am holding.
I will likely sell stop below a new low under $3200 unless momentum kicks in earlier and I will sell quicker.
A break of a new low has Fibonacci extension targets attached.
Unless you are scalping little bits here and there this picture is a hold and wait for trend confirmation.
The neutral momentum call should keep price inside the blue highlighted area.. a move out of here should generate a call.
Watch the intersection of the bearish trend line and the 61.8% Fibo level. This resistance point should hold.
The price is rising on falling momentum, which is a signal for a stall near resistance. The bears still control the long-term trend as the bulls complete a nice correction.
The 50-day moving average has been a nice guide of selling interest or resistance. Wave 4 has formed and the rally has been moving higher on falling momentum. The rally has also moved up on less volume.
This would be a spot for sellers to come back to resume the primary trend. This could be the spot for the corrective bull move to find a ceiling.
No break yet.. yes traded through, but I like to filter possible breaks
Need 3 consecutive days settle underneath the
61.8% level (only 1 happened)
a close 3% or more under the 61.8% level
staying long for now!