I think that the rally since the mid-Novemeber low is now over. Of course, take this with a grain of salt because I thought the Dec 3 peak was the top of the rally, which it obviously wasn't. My 60-min system issued a sell on Dec 4, which got reversed and a buy was issued on Dec 10, and the system turned back around and is now on a sell again since Dec 13.
But a slightly more compelling setup has occurred for a turning point with the clear bearish reversal candle posted last week (which *must* be confirmed next week), and the close back at / slightly below the 50 DMA.
My take at any rate.
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1 year ago