It's looking like we may simply be testing support of the 200-Day EMA and/or 200-Day MA. It's looking like we are about to bounce off the 200-Day EMA. Could we have a dead cat bounce and fall lower? Sure... It's possible. If you have a PRO account, don't forget to keep an eye on the White Energy in the 3 hour time frame. Also watch for the Green Line to turn up in the 6 hour time frame and the Red RSI to make contact with the Green Line WHIE the Green Line is going up in the 6 hour time frame. This would indicate a potential for reversal fro downward to upward pressure in the 6 hour time frame.
Note
IMPORTANT: PUT MORE EMPHASIS ON THE WHITE ENERGY IN THE 6 HOUR TIME FRAME REACHING THE 50 PERCENT LEVEL RATHER THAN THE 3 HOUR.Note
By putting more emphasis on the white energy in the 6 hour than the 3 hour white energy; this implies the price action COULD POTENTIALLY drop a bit lower until the white energy in the 6 HOUR reaches 50 percent RATHER THAN going by the white energy in the 3 hour time frame.Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.