Consolidation or Distribution
DLF CMP 871
Fib - though the correction has halted at 38.2% from a higher swing which is strength. There is one very major point to be noted. the time correction is very long and that is not good news.
Trendline- the break of the trendline and retest is telling me to be careful.
RSI- every rally is unable to move above the bear zone. this is again negative. Therefore the negative divergence on the highs should be taken seriously.
Conclusion - to me this consolidation is distribution.
Fib - though the correction has halted at 38.2% from a higher swing which is strength. There is one very major point to be noted. the time correction is very long and that is not good news.
Trendline- the break of the trendline and retest is telling me to be careful.
RSI- every rally is unable to move above the bear zone. this is again negative. Therefore the negative divergence on the highs should be taken seriously.
Conclusion - to me this consolidation is distribution.
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