$ACE 7 hit a new low today. Current price: 0.1561; previous low: 0.1572.
After a new low, there are three common scenarios:
① It rebounds to the previous low, then gets pushed back down: the downtrend continues
② It moves back and forth around the previous low: consolidation; watch for direction
③ It quickly reclaims the previous low and holds above it: a false breakdown
For now, it’s still below the previous low. Watch to see whether scenario ① or ② plays out.
#ACE
I may not be right, so don’t take this as advice.
After a new low, there are three common scenarios:
① It rebounds to the previous low, then gets pushed back down: the downtrend continues
② It moves back and forth around the previous low: consolidation; watch for direction
③ It quickly reclaims the previous low and holds above it: a false breakdown
For now, it’s still below the previous low. Watch to see whether scenario ① or ② plays out.
#ACE
I may not be right, so don’t take this as advice.