Looking at the hourly chart this morning, I have a tentative buy signal and am long oriented.
Signal shown via the green arrow on price (a hold above the 21MA after MACD moving average divergence to price shown by ellipsed points.
Thin line segment is initial arget.
Note the MACD MOMENTUM wave counts on the MACD moving averages, where it looks like a 5 wave sequence has completed.
Histogram targetting from the cluster at wave 1 on the MACD gives a potential of back to 4540 which also corresponds nicely with the dashedd 200 Moving average on price.
A note re the MACD momentum wave counts, it is not impoossible that price and momentum wil retest the lows while the market decides that it wants to go up, so I expect a bit of tooing and froing while the bulls n bears battle it out.
;)
thursday trading, page-5
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