RDDBTC - Trending down might break Trend Line on Wave 3
This is an hourly chart.
The 200-day Moving Average is not definitive of uptrend but the 20-day Moving Average is still below the 200-day Moving Average and above the charts hence everything looks Bearish.
I see the Correction ABC and failure of impulse which gives us WXY correction and here the chart continues downwards pass the 0.618 Fib Retracement signalling that the downward trend is now the impulse
and it is a trend reversal (Up to Down).
But then after that looks like an impulse wave upwards. I am not sure if there is trend reversal or a correction for the downward. Can someone please verify and comment?
The 200-day Moving Average is not definitive of uptrend but the 20-day Moving Average is still below the 200-day Moving Average and above the charts hence everything looks Bearish.
I see the Correction ABC and failure of impulse which gives us WXY correction and here the chart continues downwards pass the 0.618 Fib Retracement signalling that the downward trend is now the impulse
and it is a trend reversal (Up to Down).
But then after that looks like an impulse wave upwards. I am not sure if there is trend reversal or a correction for the downward. Can someone please verify and comment?
Trade closed: target reached