ADX Technical Overview

ADX Technical Overview

Probable  correction.

Long term trading scenarios are postponed at the time being since weekly charts are still reflecting a weak technical picture. While in the medium and short term, the market maintains a strong Bullish market structure. Although the price still endorses the sharp upward movement after the significant set of consecutive winning weeks, the medium term rally may be running out of steam and the risk of a medium-term correction is high, particularly after the recent drop below 4600. Medium term market players should wait for such pullback while aiming to reposition at lower levels.