I still favor my bullish count and in that case we should be at og very close to a bottom (see the chart above). As can be seen on the chart we are trading at the Mid-line of the Pitchfork, which must be considered at a strong support area. We have short term divergence at the MACD-indicator at the same time we have a possible hidden divergence on the MACD-Indicator. A hidden divergence is when the MACD-Indicator has fallen to a lower low, but the price low is higher than the previous low in this case the 143.05 low against the current price at 144.81 (I expect a low in the 144.20 - 144.30 area).
The divergences is only a warning that a possible bottom could be near not a given case, therefore we need proff, which a break above 145.00 and more importantly a break above 145.50 will confirm.
As I said yesterday we must consider the possible bearish count as valid too as we didn't break above 147.70. If this is the case we should see a continued bearish price action towards 143.05, where the next strong support will be found and a break below here will begin to tilt odds towards the bearish count.
The divergences is only a warning that a possible bottom could be near not a given case, therefore we need proff, which a break above 145.00 and more importantly a break above 145.50 will confirm.
As I said yesterday we must consider the possible bearish count as valid too as we didn't break above 147.70. If this is the case we should see a continued bearish price action towards 143.05, where the next strong support will be found and a break below here will begin to tilt odds towards the bearish count.
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