Alritey, here we have a weekly and daily chart. According to my weekly chart, I could only guess that we will get a retracement up to 225.90 and then a drop would continue. My reasoning for this is that more often than not, the price will move to the 5 sma before continuing on its path. The last weekly candle was bearish and so I would look to see this candle as a solid bear as well- at least until 221 where there is support.
Now onto the daily chart, We closed as a bearish bar after a reversal bar that came from resistance. With that, we need a retracement due to the fact that this last bar was large and the bulls will start to buy in at this and lower prices to push back upwards to, lo and behold, at least 225.63. There will probably be a large wick on that very bar that comes through to hit 225.63 to touch 225.90. After that, I look to sell again, because as Auslanco said, I look to see a large drop from that point- to at least 221 where there is support. A break below and close below 221 and I would look to see much lower levels sooner than I thought we would. Hope that could help at all. thanks and have a great night with great trading everyone.
Now onto the daily chart, We closed as a bearish bar after a reversal bar that came from resistance. With that, we need a retracement due to the fact that this last bar was large and the bulls will start to buy in at this and lower prices to push back upwards to, lo and behold, at least 225.63. There will probably be a large wick on that very bar that comes through to hit 225.63 to touch 225.90. After that, I look to sell again, because as Auslanco said, I look to see a large drop from that point- to at least 221 where there is support. A break below and close below 221 and I would look to see much lower levels sooner than I thought we would. Hope that could help at all. thanks and have a great night with great trading everyone.
I dream, therefore I become.