We got a level right around 8250 that we haven't hit yet, i think that we will hit it and get rejected off of it. Then for the move down we pull a fib and use the .382 and .5 as take profit levels. After that I am looking for a continuation of the move up but chances are that i will wait for price to invalidate a few bearish scenarios before taking positions. Also another good sign of the incoming move down is the bearish rsi divergence that we see. Finally, in terms of elliott waves it looks like we are in an ending diagonal which would explain the rsi divergence.
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I don't believe that this move down we just has was the one that i was expecting, we still aren't there yet
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expect a small move down back to 8k soon before we continue up
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Almost There Team
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things are getting pretty intense here guys. I see some bullish div on the 1hr but I don't know if it's gonna be able to take us up to 8250 like we need
The other possibility is that we just weren't able to make that new local high and began to move down already, but the divergence makes me think that the first option is more likely
The other possibility is that we just weren't able to make that new local high and began to move down already, but the divergence makes me think that the first option is more likely
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Update: Looks like the TTM is in a long squeeze at the moment on the 15-minute chart... now we wait for it to fire
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Okay i think the original count had the right idea but corn wants to take its time so here is what i'm expecting now