RSI is coiling up after creating multiple bullish divergences.
Normally, these bullish divergences are clear signs of an upwards move, but no telling how many more will form before the significant move up in price will come.
In this case significant move is incoming tomorrow as the symmetrical triangle forms in RSI. I still think it finishes up by end of day tomorrow, but not before a shakeout in the morning.
This strong support in the high 260s region is a good place to bounce.
Overall, I look for a substantial bounce over the next few trading days, but I’ll look to short after for at least the next month because this downtrend is not over
Normally, these bullish divergences are clear signs of an upwards move, but no telling how many more will form before the significant move up in price will come.
In this case significant move is incoming tomorrow as the symmetrical triangle forms in RSI. I still think it finishes up by end of day tomorrow, but not before a shakeout in the morning.
This strong support in the high 260s region is a good place to bounce.
Overall, I look for a substantial bounce over the next few trading days, but I’ll look to short after for at least the next month because this downtrend is not over