The price is fastening the seat belts after the new low yesterday.
This retracement shows still some momentum, but don't expect to much.
As the downtrend is slowing we may expect a correction. How far this will go? Look at the chart!
The current uptrend has been retraced now. This makes the trend healthy. However, the rate should not fall much further now.
In this downtrend that is relatively steep the corrections re usually 2-3 cents and live for 1-4 days only. Then the trend continues.
before we might break trough down.
We are still in an uptrend. And that's why I am taking the opportunity to renew my long position which had already brought profit severral times
It is a daily downtrend since the second week of March. Today we stopped the yesterday's attempt to retrace the latest downmove. This could be considered as a signal to sell.
The resistance has been tested 5 times. It could follow a resumtion of the opposite direction again now.
We have retraced all the steep rise sinde 16th March and almost 38 % of the rise since 10th March. So we ere now in in decision making whether to continue the uptrend or to turn down. At least a retracement up should be possible here.
That's why I am selling the rally.
I think that it may be worth to try a bet on this divergence which shall support the price at least.
We are still in a downtrend. Even if in the hourly scheme the trend is still up this looks like it is coming to a halt now. So watch out for a continuatio of the prevailing downtrend or for a downward correction at least.
...at leat temporarily. We couldn't overcome the resistance, thus a test of the low should come next.
I think after this break obove all resistances there is some more room on the top.
We stopped below the cloud and Williams turns down, i.e. a retracement of the rise is due.