- .786 fib retracement from our highs since the 225 tick move down in August (2116.75) - Top of our "tidy channel" - Smaller green candles each rising day shows weakning momentum, doji showing indecision - Loads of price action between 2100 and 1800: - As of now, short at the top of this channel, long at the bottom, unbiased in the middle - Expecting the unexpected on a day-day basis, though short for now
- RSI and MACD have reached levels that were last seen in our October rally - In the days following these technicals: - The RSI took 8 days to get to it's "happy medium" at 40 - The MACDs crossed 3 days later, beginning their descent down to 0, and eventually -48, converging only twice - The two convergences of the MACDs were lower highs, followed by lower lows, watch for a similar pattern should we stick in this "tidy channel" - Keep in mind, the daily 200ma isn't our strongest, and given a couple tests can be punctured, as seen between October and January
and as always, please feel free to discuss :) happy trading!