ADX Technical Overview

ADX Technical Overview

Signs of support.

The move below 4430 long term support completed a weekly reversal pattern to the downside. While the medium term continues to reveal a weak Bearish outlook with a corrective wave on the making, trading scenarios in both scales are expected to remain on hold for the meantime. The last short term decline can be treated as a corrective phase that might act as a provider for renewed positions, where an immediate move above the 4480 would confirm the resumption of the prevailing Bullish bias, triggering extensions towards the 4560 and perhaps the 4630 areas. On the other side, any drop below the 4400 could challenge the short term Bullish structure, and accelerate the declines to lower levels.