Looking at the PPMs on the weekly chart, it seems like there will be some sort of recovery of weekly short term momentum over the next couple of weeks.
PPM1 looks to be slowly recovering, which means momentum to the downside could slow down as it slowly approaches the 0 line. While the lows are still not in, price could be searching for a floor within the next few weeks. However, we still need some time to confirm the validity of the algos.
There is still a chance of hitting the low fib target 1 at 3.12. If that fails, watch out for the SXT next week.
Looking over to the daily chart, we see some recovery of the PPMs in the algos. However, note that PPM1 is still in downtrend, so I'm not expecting any fast recovery in price yet. Just some stabilisation maybe.
PPM1 looks to be slowly recovering, which means momentum to the downside could slow down as it slowly approaches the 0 line. While the lows are still not in, price could be searching for a floor within the next few weeks. However, we still need some time to confirm the validity of the algos.
There is still a chance of hitting the low fib target 1 at 3.12. If that fails, watch out for the SXT next week.
Looking over to the daily chart, we see some recovery of the PPMs in the algos. However, note that PPM1 is still in downtrend, so I'm not expecting any fast recovery in price yet. Just some stabilisation maybe.