All technical indicators such as MACD and stochastic still showing fairly strong bearish in all major time frames (daily, weekly, monthly). Approximately 400 pips or about 400% down from the previous Monday position. This means the long-term downtrend is very much underway with minor hurdles along the way.
Using the oversold position and Indicators signal we can assume the following.
- Oversold position = The market is looking for correction as some traders might be taking profits on this level
- MACD & Stochastic Down = It will go further down if traders choose not to take their profits yet.