Does it look like the bears have calmed down already?
Maybe so! Locally, price has made a couple of Higher Lows, stands at 20 EMA - yes, looks not extremely weak!
But is it time to buy?
It seems to me that it is not quite yet. We have several resistance lines, which are not broken at the moment, and we also have resistance to the 50 EMA, and on top of that we have resisting Fibs.
Too much resistance at this point!
Summary:
- It is too early to buy, we need to give the market some time to show real strength.
- I would not short here, as the market has been showing signs of strength lately.
- Patience is the key to success!
Maybe so! Locally, price has made a couple of Higher Lows, stands at 20 EMA - yes, looks not extremely weak!
But is it time to buy?
It seems to me that it is not quite yet. We have several resistance lines, which are not broken at the moment, and we also have resistance to the 50 EMA, and on top of that we have resisting Fibs.
Too much resistance at this point!
Summary:
- It is too early to buy, we need to give the market some time to show real strength.
- I would not short here, as the market has been showing signs of strength lately.
- Patience is the key to success!