In an earlier post, I wrote
“Taking one more step to the 5 minute chart,t he 100 bar MA comes in at 111.775. That MA is the minimum that the price has to get above if the buyers are to take back some control from the sellers. Until then, the sellers are in control.”
Looking at the 5 minute chart above, the price high stalled right at the 100 bar MA (blue line). The minimum objective for buyers could not be broken. The trend continued (see chart above)
Well the 100 bar MA remains the minimum to turn the trend around. That comes in at 111.67 now (and moving lower)
Taking a look at the daily chart, the price has made it to the October low at 111.37. A break of it, and it is not that much of a stretch to see the 200 day MA at 110.865. The 38.2% is at 110.745. Those levels are doable. Sellers are in control.