At the beginning of the downtrend, we can see that the trending environment is weak as waves 1-2 are quite long, which signifies larger retracements. However, looking at wave 3-4, we can see that it is short, which suggests a stronger trending environment. Thus, we can assume that there is stronger selling pressure as the market continue downwards.
Furthermore, price is under the 200 EMA and there is a double top on the RSI, providing further confirmation that price is likely to keep pushing downwards.
An Inverse Head & Shoulders has also been completed on the Daily which also suggests that price is now going to go short.
Furthermore, price is under the 200 EMA and there is a double top on the RSI, providing further confirmation that price is likely to keep pushing downwards.
An Inverse Head & Shoulders has also been completed on the Daily which also suggests that price is now going to go short.