Right now it look's like we're trying to trade higher into the 20/50EMA wave, based on price action as it currently stands.
There's too much conflicting information on all timeframes for me to build a thesis for an entry into the market.
I'm not confident that a break above the 50EMA on the daily will confirm anything either. Looking left we can see this happened recently, and price went on to disregard the 50EMA as dynamic support due to a period of consolidation which followed.
For me, if the downtrend is to shift to the upside, I will need to see confirmation of a higher high on the weekly timeframe.
There's too much conflicting information on all timeframes for me to build a thesis for an entry into the market.
I'm not confident that a break above the 50EMA on the daily will confirm anything either. Looking left we can see this happened recently, and price went on to disregard the 50EMA as dynamic support due to a period of consolidation which followed.
For me, if the downtrend is to shift to the upside, I will need to see confirmation of a higher high on the weekly timeframe.