Originally Posted by
Baa_Baa
Watching from the sidelines, the chart is getting encouraging for lower SP buy-in/re-entry/accumulation, depending on ones motivations. The chart by itself won't make that happen, but the significant things seem to be:
- the 50/200EMA death cross happening now;
- SP below major support $1.12 100% retrace of the whole rally from 12 Jan 2015 which is now overhead resistance;
- that failed support at $1.12 'happens' to also be the 61.8% fib retrace of the entire move since 3 Sep 2014;
- only obvious price supports seem to be the horizontals at $1.01 and $0.9, and a downtrend support line around $1.08 which has offered 4 previous price supports.
- understandably the indicators are weak, though surprisingly RSI is still not fully oversold.