ADX downtrend broken
We can spot a nice break of the overall longterm downtrend and begin to see the price consolidating and uptrending now. Higher timeframe strength shows momentum building for a potential move in the days/weeks to come. Ideal new entries in the market would be as close to the 0.5 of this small expansive move which would be a nice shakeout of fear as we break the cloud but bounce on the overall established trend. In the big picture, we can spot two nice sell zones where the price has consolidated and battled prior which we are likely to see significant sell pressure from short term profit takers as well as break-even bag holders.
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