After yesterday's hike we had a brutal correction today. But in my opinion we won't see a further decline.
Reasons:
- Elliot Wave Rule #1: Wave 2 corrects Wave 1
Rule #2: Wave 2 must not be lower than Wave 1 (that's the critical $56 line)
- RSI already shows divergence in lower timeframe
- Trading Volume downward much lower than upward
Reversal inc going long towards 72 & 92
Reasons:
- Elliot Wave Rule #1: Wave 2 corrects Wave 1
Rule #2: Wave 2 must not be lower than Wave 1 (that's the critical $56 line)
- RSI already shows divergence in lower timeframe
Reversal inc going long towards 72 & 92