On the daily chart, notice that prices have remained in a roughly three point range for the last 4 days. Also note the bars are getting smaller over the last three days. However, all the EMAs are moving lower and the shorter EMAs are below the longer EMAs.
The question on the 5 minute chart is has this chart reversed? Prices broke through the downward sloping trend line that started over a week ago. In addition, prices have moved through the 200 minute SMA. But coordinating this chart with the daily chart tells us we haven't fully reversed yet -- and won't until we move through the lower SMAs on the daily chart.
