The ADX is dropping as trend momentum loses strength.
This happening when price tested Fibonacci retracement levels should be a signal for more lower prices ahead. The red 61.8% level held as selling interest came on at this point. A signal for the bearish trend to resume another week.
Look for a move back toward the $200 level and maybe even lower if momentum builds for the bears.. otherwise just sideways to slightly lower.
Weekly S/R
Critical Resistance: $302.72
Key Resistance: $251.02
Key Support: $228.08
Critical Support: $167.36
This happening when price tested Fibonacci retracement levels should be a signal for more lower prices ahead. The red 61.8% level held as selling interest came on at this point. A signal for the bearish trend to resume another week.
Look for a move back toward the $200 level and maybe even lower if momentum builds for the bears.. otherwise just sideways to slightly lower.
Weekly S/R
Critical Resistance: $302.72
Key Resistance: $251.02
Key Support: $228.08
Critical Support: $167.36