SOL setting as suspected, but bulls still have one path to argue.For the last few weeks I have ruled out longs and kept my directional bias pointing lower. So far price has continued to follow that path, and the move down is still unfolding in line with that read.
Price is now pushing into an AOI bulls need to defend if they want any real shot at shifting momentum. The key levels for me are 85 and then 90. It is not enough for price to just tag those levels. Bulls need to reclaim them with intent and show strong acceptance back above if they want to put bears back on their heels.
On the larger degree, this move still looks corrective in nature, which is a big part of why I have stayed aligned with downside bias.
That said, bulls still have something they can point to.
One possible interpretation here is a leading diagonal, with the current move down acting as an internal retrace rather than the start of a fresh impulsive leg lower. If that is the case, then this weakness is part of the internal retracement before continuation higher.
For now I still lean bearish unless bulls can prove otherwise.
If they want to shift the tone, I want to see strong break and reclaim behavior around those levels. If not, then I think this likely continues lower and breaks the low.
Trade Safe.
Trade Clarity.
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More on the TradeDevils Discord discord.gg/p9bjnpwnMc
Trade Devils University Sensei: tradedevils.com/my-account/?ref=ebquu4
Certified Elliott Wave Analyst Master: t.co/2GQ7uSjJVG?amp=1
Trade Devils University Sensei: tradedevils.com/my-account/?ref=ebquu4
Certified Elliott Wave Analyst Master: t.co/2GQ7uSjJVG?amp=1
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.