momo, where is the bottom?
Updated
lower highs and lower lows = downtrend right now. When I see a change in behavior, I will consider going long again. The downward sloping pitchfork shows the probable path of price. Specifically , the lower down sloping blue line, AKA the lower median line parallel where I have the big red arrows, is my price target for now. If price closes above the down sloping red median line or center line, I may change my view.
Note
Now price has made a higher high and a higher low. It has also closed right on the down sloping red median line. Note how the upsloping red median line held price. for now, I am still watching. Scenario 1) price goes lower, makes new low, breaks below through the upsloping red median line. If this happens, price will probably continue lower to touch the Lower Blue downlsoping line ( aka lower median line parallel) around $27 - 25 depending when it gets there.
Scenario 2) price continues higher. Closes above the downsloping red median line and works its way up to the Blue ( upper median line parallel).
Not enough info yet so for me, I'll just watch until I get trend confirmation.
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