MATIC READY FOR A RETEST

Nov 6, 2022

MATIC (to my surprise) showed little to no respect for the $ mark during the most recent move to the upside. I genuinely believed a short play was on offer at its approach, but it carried on regardless. Anyway - Matic now looking as if at least a retest of the $ area is on the cards! As you can see from my chart this makes technical sense when the rejection point was at the top of the ascending channel and weekly high timeframe support, so only makes sense to confirm similar areas of support. I'll for sure be watching this area with intent especially if when doing so we see oversold rsi and possible divergences forming. Watch out for this retest (should dit happen) and be ready for another impulsive wave (potentially the fifth and final) before we see a correction.

Peace