Or more specifically -- yesterday's markets.
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On the daily 5 minute chart, note prices have almost fallen to the 50% Fibonacci retracement level.
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On the three month chart, notice the following:
-- The 10 and 20 day SMA are moving higher
-- The 10 and 20 day SMA have moved through the 50 day SMA
-- The 10 day SMA is about to cross over the 20 day SMA
-- Although prices fell today they are still above the shorter SMAs