We're exploring the range between July pricing and the recent top, no need to think its more negative then that just yet. Right now Iam thinking further downwards because we just challenged the 50 day average from the underside and were rejected so we continue on a negative trajectory until the outlook appears better.
I'm seeing the same rejection from the 50 Day MA that's rising fast, but also noticing it will begin to flatten out within a week based on the candles that will be removed from this average and price remaining at the current level, so not necessarily considering further downside as necessary before a continuation upwards. If price can move sideways for a week, then a flatter MA will be easier to challenge imo.
While usually I'd consider a re-test of 200 Day MA after a rejection from the 50, we are currently finding support from some considerable accumulation volume:
Iam surprised just 1 person votes for 200 day average. Its the most simple universal known market indicator on a graph, we are likely to pay heed to it in general. Doesnt mean we have to go there, 200 day is rising which means overall we are positive market long term. Its definitely reasonable to buy the dip but you may need to keep some powder dry as we dont know how far external factors will lower pricing.
I don't think that many people think we're heading for a bear market, even if price does go lower. This is probably why.