Short

Weekly may close well under 50 weekly ma, higher low expected.

As I said in previous posts the weekly 50 moving average would be crucial to watch and even though we wicked above it we may very well now close our weekly candle well under it at this rate after a stiff rejection as the weekly 50ma maintains resistance. I anticipate we will simply form a higher low from here or a capitulation drop...one of the 2. either way the good news is the Bull market is very near.It will hopefully find support by at least the weekly 200ma but that is still a significant drop downwards. I anticipate considering how logn the bull climb went that a big chunk of May could end up on the down trend but we will have to wait and see how things bounce...this drop could also happen all at once in which case the bounce back could allow may to still be bullish. If somehow we close this weekly candle above the 50 weekly ma my outlook will turn back bullish until I see what the follow up weekly candle does...but as of now it doesn't seem likely that this weekly candle will close above it. To play it safe I sold aroun 5472 right at the 50 week. I have a smart stop buy set up a few pips above there in case an unexpected reversal is to occur. Lastly I anticipate this incoming drop to be significant enough to cause the golden cross to dip abc down and create a temporary death cross in the process.

DrDovetail

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DrDovetail