Above we see the hourly chart of FXCM's EMBasket, which has bounced off its S3 pivot and been heading upwards since. It is currently tackling resistance at its S1 pivot level. It it breaks through than the next level of overhead resistance may be at the central pivot (P). In assessing if the current price action is a correction in a largely down move we are looking for three occurrences:
- A cross by the green 5-hour EMA below the orange 10-hour EMA.
- A break of price below the blue upwards sloping trend line.
- A cross of the RSI to below the 50 level.
- A cross by the green 5-hour EMA below the orange 10-hour EMA.
- A break of price below the blue upwards sloping trend line.
- A cross of the RSI to below the 50 level.
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