And...Down we go
Momentum is lost on the daily chart. After floundering around for so long at the peak, price has started to come down. While the daily PPMs are still not in a downtrend, they are all below their derivatives. This means weakness in the momentum.
It is quite likely that the 40SMA at 3.3614 will not act as much support for the price in the coming days. The algo is still predicting its downward momentum to continue.
Moving on to the weekly chart, it looks like the top is clearly in. However although PPM1 has just gone below its 1st derivative, it is still clearly in an uptrend. Hence my guess is the 10SMA at 3.3534 will likely hold for the 1st bounce.
Hence I'll be looking for the price to go past 3.3614 down to 3.3534 before stopping and hovering around there for the week.
It is quite likely that the 40SMA at 3.3614 will not act as much support for the price in the coming days. The algo is still predicting its downward momentum to continue.
Moving on to the weekly chart, it looks like the top is clearly in. However although PPM1 has just gone below its 1st derivative, it is still clearly in an uptrend. Hence my guess is the 10SMA at 3.3534 will likely hold for the 1st bounce.
Hence I'll be looking for the price to go past 3.3614 down to 3.3534 before stopping and hovering around there for the week.
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