Description
⋅ As the chart shows, in 2017 we've had several rounds of rallies:
- All started with the weekly EMA crossing the monthly EMA.
- All ended with a long-tailed pin bar that closed under the weekly EMA.
- All retraced to .382 levels.
- All accompanied by volume movements.
Today:
- We just had a long-tailed pin bar that closed under the weekly EMA.
- We haven't really retraced to .382 levels.
- Volume is much lower today.
This recovery therefore may be short-lived.
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