Thinking we see one more scary wick down to shake out the last of the weak hands before lift off.
The Daily OB at 49830 acted as resistance for the September highs and hasn't been retested as support, makes sense to me that we have one last capitulation to test that before we see a push higher, I would expect quite a bit of panic selling if we break the trend incline but would expect support to buy it straight back up with a strong bounce from there.
My only reason against my own idea is the similarity to the September bottom RSI, there is also the potential for daily bullish divergence if todays daily candle closes bullish which should rally the bulls.
Wait and see.
Good luck, have a great weekend.
The Daily OB at 49830 acted as resistance for the September highs and hasn't been retested as support, makes sense to me that we have one last capitulation to test that before we see a push higher, I would expect quite a bit of panic selling if we break the trend incline but would expect support to buy it straight back up with a strong bounce from there.
My only reason against my own idea is the similarity to the September bottom RSI, there is also the potential for daily bullish divergence if todays daily candle closes bullish which should rally the bulls.
Wait and see.
Good luck, have a great weekend.
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