ADX Technical OverviewPosted on Thursday, November 16 2017 at 5:43 am GMT+0000
Long term shifted to Bearish.
The formation of a weekly top below 4650 defined as June high, presented strong worrying signals that was recently materialized with the drop below 4350. That move marked the exit of the long term range that was capping the market since January, and turned our focus to the downside for a move towards 4179 November 2016 Low. The strong Bearish structure revealed on the daily charts is amplifying the case for such move. Therefore, traders are obliged to refrain from accumulating any new long positions.