With the 60 min MACD on the bear side it is likely the 60 min Phase 2 will be a short one, however the 60 min EMA 3 is above the 60 min UTL that is a positive indicator, so if the MACD can get a Bull crossing, with the EMA 3 above the UTL, we could see an extend 60 min Phase 2.
Bottom Line: With the MACD on the bear side we will probably see a Phase 1 before the day is over.
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