Hi Traders....... Happy Monday !!!
Price appears to have completed wave 2/B? and may now be working on wave 3/C? and the larger degree wave 2/B?. My bias is for the eventual decline to our bear target zones, and a test of the daily 200sma.
I will be watching for price to rally to the 9560 area before continuing its decline. Momentum indicators are a bit mixed, signaling the potential for a sideways move to begin the week.
EXIT STRATEGY: If price trades back above the “M4” horizontal (9650-ish) then I will look for clues that an expanded flat may develop above 9770.
Price appears to have completed wave 2/B? and may now be working on wave 3/C? and the larger degree wave 2/B?. My bias is for the eventual decline to our bear target zones, and a test of the daily 200sma.
I will be watching for price to rally to the 9560 area before continuing its decline. Momentum indicators are a bit mixed, signaling the potential for a sideways move to begin the week.
EXIT STRATEGY: If price trades back above the “M4” horizontal (9650-ish) then I will look for clues that an expanded flat may develop above 9770.