Weekly Close Update... Timbbbbbeeeerrrrrrrr
2024-12-09

Building on yesterday's idea where I analyzed short-term price action on the daily time frame, the weekly candle closure now adds more weight to a bearish bias.

 Weekly Analysis: 
The weekly candle has closed with a sharp rejection just shy of the 1.618 Fibonacci level, indicating a failure to sustain bullish momentum.

 Momentum Indicators: 
 
 RSI: Overbought at 96.1, highlighting that price may have peaked.
 Stochastic RSI: Sitting at 97.1, with the K line crossing over the D line, signaling waning bullish momentum (or simply put, fewer buyers willing to step in at these elevated levels).
 Rate of Change (ROC): At 366, now in decline, further evidencing buyers' momentum weakening, as fewer participants are actively buying at current prices.
 

 Summary: 
With the weekly close behind us, it is always important to zoom out. Higher time frames give significant weight to overall direction. The signs of a bearish correction are becoming more evident. Whether the correction unfolds over the next few days or extends into weeks, the momentum is clearly shifting.

Keep an eye on key support levels and confirmation signals for potential short entries in the $1.89-$1.61 range as the correction plays out.