The price action I've observed on the daily timeframe points to a very nice bearish sentiment in five key points.
- Price peaks in August by forming a range, which breaks near the end of that month.
- Consolidation forms shortly after and downside momentum forces price to break below the lower range boundary.
- This marks a technical trend change as defined by the crossing over the faster exponential moving average (EMA) below the slower EMA.
- Price retraces in October and forms another consolidation.
- In today's close, price retests the lower range boundary of this consolidation and holds below it; price currently exhibits continued selling strength.
