CIEN.US Daily Chart Our Expectations: Ascending Trend, Correction Near Horizontal and Diagonal. Opportunity for long positions after mild correction and stop 27.05
Alternative scenario: If the support does not withstand the correction test, it may turn deeper and even show signs of reversing the main move.
Comment: Ascending major trend - the price generates ever higher highs and higher lows. Currently, the price is in the correction phase, close to structural horizontal support / former resistance / and diagonal trendline. Since the markets are currently in the process of being sold off, we are waiting for the calming of the passions and the end of the correction. Then, in the BUY ZONE we look for a price action signal after a successful test of the support and position the shorts. 50/200 MA in bullish formation.
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