Weekly chart:
The current downtrend in the big picture is far into its movement, and reached its current low point of $ 15.48 last week. The currently valid correction zone goes from $ 21.01 to $ 31.87 (red rectangle). A correction into this zone is very likely. However, so long as the price cannot exit this zone upwards, the downtrend will remain intact and along with this, the probability of a continuation of the trend also remains very high.
Daily chart:
In this trend size there is already a mature trend that is positioned deep in the last correction zone. The upper limit lies at $ 19.04. If this marker is broken by the closing price, a larger correction would be very likely.
Hourly chart:
What is still missing in the daily chart has already happened in the hourly chart. Here the downtrend has already been broken and a new course high was generated at $ 19.03. Right now, the price is in the correction. To establish a new trend, a new high above $ 19.03 is needed. Only then could one consider a new trade here.
I hope you will remain favorably disposed towards me and always remember: the journey is the reward!
All the best
Markus Gabel
Head of Sales/Trading
AgenaTrader/TradeEscort
AgenaTrader Trading Software
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