From
"It is what it is department" Complacent correction is healthy, market got a high tendency to humble a trader from time to times. We are in an early stage of a correction, bulls need to turn this around fast or the selling will only getting worse. key focus is
MACD Histogram on a daily chart, a breakout was clear earlier and now a failed breakout is also clear with MACD histogram to confirm it. based on auction house theory, a failed breakout means no buyers at the top range so the traders will have to lower the bid and ask to lower range. in any cases, in week to come I will pay attention to the histogram, a positive reading is a must before I will go bullish. for now down south to lower range is the direction.
High level of complacency lead to a correction, (internals)
Failed breakout from a bullish consolidation phase, see MACD histogram if bulls were to regain a strength. for now lower range is to be expected.
Short term trend is up, now that we are under 5 DMA caution is on the buy side, rips will be sold as long as we are trading under 5 DMA, no LL to called out, "NO BUY", only if bulls can regain a price back above 5 DMA, keep it simple. Peace!
Peace!
My comments are for entertainment/educational purpose only. NOT a trade advice.