ADX Technical Overview

ADX Technical Overview

Correcting lower.

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 had run out of steam, and the medium term corrective wave initiated from 4650 has briefly violated the key psychological level of 4500. Both medium and short term market players should wait for a short term Bullish patterns that could cancel the current correction and restart Bullish momentum, and then instate new long positions.