Is EG keep going down? The Forecast is yes, let's read the market:
1. We have hit resistance four times
2. We have hit Support and Fib but with high down volumes
3. High Down volumes
4. Very High Down Volume wave
5. Reaching up to the 6. Fib with very little volume and a very low speed index of 5.7 - probably a trap move
to be continued...
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Update: 3/7/2019 9:24
Even though we retraced from the Fib but vey little we went up to Resistance for one more time.
7. The way up to resistance was not easy, we had a High Speed Index of 25.8 and I believe that this last move hitting resistance its a fake break and EG will start crashing down.
The reason that all this ranging (ups and downs) occurs is very simple : Look at the 4H chart, we are coming from a huge uptrend therefore reversal does not come easy with just one down wave or two. Smart money has to absorb all the buy orders and they have to do it slowly, this process many times takes days otherwise it will be easily identified.
