1 Hour + 2 Hour: We had a bounce on oversold RSI conditions on both time frames. We also have a reversal on the MACD histogram, which shows some type of upward reversal here.
Interpretation: The 2-Hour chart shows nicely a wave-iv (red) both on the price and the MACD (outlined in red). Therefore, we are expecting anytime now for the descent to reverse.
Next: Because there is no negative divergence between price ($SPY) and MACD yet, we ought to be cautious about another possible dip following a period of recapitulation here, whereby the price will make a lower low but the MACD will not.
No comments:
Post a Comment