On this chart I see an impulse followed by a short correction.
I anticipate a downwards move towards the trendline.
If there is consolidation on the trendline similar to the corrective pattern we see now, then I expect a break of the trendline and continuation downwards.
Also I have labelled an ABC pattern with C being 1.618 times larger than A and wave B finishing at the 61.8% level of wave A.
This adds confluence to the count.
Moving average is approaching price action, MACD and RSI appears to be looking downside as well.
Any advice or feedback is appreciated.
Thanks.
I anticipate a downwards move towards the trendline.
If there is consolidation on the trendline similar to the corrective pattern we see now, then I expect a break of the trendline and continuation downwards.
Also I have labelled an ABC pattern with C being 1.618 times larger than A and wave B finishing at the 61.8% level of wave A.
This adds confluence to the count.
Moving average is approaching price action, MACD and RSI appears to be looking downside as well.
Any advice or feedback is appreciated.
Thanks.