As cautioned last week, we begin the new lunar year with a sell off. There is still more down side expected looking at the weekly chart.
All the PPMs are under water, though not in downtrend yet. But the algos on the SMAs are looking down. Algos on PPMs 2 and 3 are pretty flat looking ahead, but not indicating a return to 0 line. PPM1 looks to be headed for more down side in the weeks ahead.
The market grid has already turned down again. However the low fib targets are still not moving lower, hence they could be in play sometime over the next few weeks if the selling doesn't let up.
On to the daily chart, all the PPMs are also under water but PPM3 is looking to head further down, which means the 40 SMA is likely going to turn slightly negatively sloped.
Short term looks like price is going to be more negative than not. More work needs to be done before a reversal is in the cards.
All the PPMs are under water, though not in downtrend yet. But the algos on the SMAs are looking down. Algos on PPMs 2 and 3 are pretty flat looking ahead, but not indicating a return to 0 line. PPM1 looks to be headed for more down side in the weeks ahead.
The market grid has already turned down again. However the low fib targets are still not moving lower, hence they could be in play sometime over the next few weeks if the selling doesn't let up.
On to the daily chart, all the PPMs are also under water but PPM3 is looking to head further down, which means the 40 SMA is likely going to turn slightly negatively sloped.
Short term looks like price is going to be more negative than not. More work needs to be done before a reversal is in the cards.