Quote:
Originally Posted by lewdog
What are the markers you use/see to feel that way?
I think we’d all appreciate
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Number of things....
Stochastic RSI is showing a divergence to price
ATR has probably peaked meaning volatility will come down
Adv\Dec line is not confirming lower low in price
Price is close to support set back in July
3rd wave of a possible ABC retracement
Support level set back on 9/20 is looking to hold for the moment
Volume on this last leg down was lighter than the first leg
Now I say short term as is a short term trading opportunity or a chance to sell into an upcoming rally. We still haven't fully reached the support levels from July and we could easily make another run down to the 200MA
I suspect however a run back up to the 50 day SMA and hopefully start seeing some sideways movement from there.
Now a lot of this can go to shit this afternoon if selling comes roaring in which is why I stated that today's price action is key.