Critical week coming up next week. IMO will be the deciding week...

Critical week coming up next week. IMO will be the deciding week in either establishing a weekly uptrend or continuing the downtrend that has been around for quite some time.
Daily is struggling to find itself in a proper uptrend, but the first step is finding support along the 65 ema which is has done so many times over the last few months. The key take away on this chart is the inability of the 9 ema to cross either the major 62 fib line or the minor 62 fib line on the right side of the chart. When the 9 ema crosses a 62 fib line, it is more than likely that the price will go on to make a higher high to the corresponding high the fib retracement is drawn off. It has failed to do so twice, and i suspect it will make another attempt at the minor fib this week, if it fails price will trend lower. Another less confident note is the potential trend break and backtest of that break we are seeing in the last couple sessions, price action has not broken back and closed below this trend line as of yet.



The weekly is still in a downtrend IMO. As stated above, when price is above and finding support at the 65 ema it is in an uptrend, below it is in a downtrend. Price is certainly fighting to close above this ema but hasnt as of yet. Short term breakouts are supported by the 9 ema, which can be seen here. There is a very narrow range between the 9 ema and 65 ema now and price is sitting right inbetween, meaning a trend decision is not far from being established. If price does break up on the weekly, i would say it is in a wave 3 which would have an inital target of .220.