Wednesday, October 22, 2014

uptrend looks like it has ended

1 Hour: Price was way oversold on the hourly since yesterday - as I noted yesterday, a pull-back was expected!

15min: We got a divergence between price and MACD in this time frame. Then, the MACD is now below the "0" line and appears to be some type of 1-2-3 in the down direction in minute degree

Daily: As explained yesterday, a rejection at the 50 EMA was expected - indeed it took place.
Second we want to close below the 5 EMA.
Confirmation of a new trend down will come first from the MACD histogram turning over,
and then of course by making a new low.

















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