The price action has driven below the support of the 50EMA and has touched the 100EMA. This created a Basic Corrective pattern for a larger extension in the new bull cycle.
To confirm the ABC correction complete we need to see some upward price action and we need to get back above the 55EMA. If we can at least bounce out of this zone and consolidate towards that 55EMA that would be bullish.
As soon as the price touched the 100EMA we saw a receding red candle. The next candle will confirm a bounce or a steeper ABC to test the 200SMA. We will see.
To confirm the ABC correction complete we need to see some upward price action and we need to get back above the 55EMA. If we can at least bounce out of this zone and consolidate towards that 55EMA that would be bullish.
As soon as the price touched the 100EMA we saw a receding red candle. The next candle will confirm a bounce or a steeper ABC to test the 200SMA. We will see.
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