Only one time there was an equally low RSI: in december 2016. That would have been a great time to buy -as it may be now.
Presently, the downmove can be counted as an zigzag (with very nice internal fib ratios) to the region of the preceding 2 of one lower degree - which is often the case after elongated fifth waves.
All in all, the present downmove retraced more than 62% of the whole upward impulsive move since the beginning of the recording.
This may indicate a strong wave 3 to follow. Maybe the red central trendline of the pitchfork will roughly guide the coming price action.
There is only one thing which I do not like very much - the very short duration of the corrective move.
Presently, the downmove can be counted as an zigzag (with very nice internal fib ratios) to the region of the preceding 2 of one lower degree - which is often the case after elongated fifth waves.
All in all, the present downmove retraced more than 62% of the whole upward impulsive move since the beginning of the recording.
This may indicate a strong wave 3 to follow. Maybe the red central trendline of the pitchfork will roughly guide the coming price action.
There is only one thing which I do not like very much - the very short duration of the corrective move.