Hi all, here is an update to the chart I posted last night with my target of 126.25ish. You'll see we broke new lows and came close to the 61.8% fib extension and bounced from there. I've also added a trend line from last night's move up. You can see a clear break of it and what now looks like a push up to retest that trend line as resistance. I would expect a failure here to bring us down and through the 61.8% fib extension level targeting 129 or lower.
The move down has been steady and filled with small rallies, perfect for adding to shorts if you have a solid position. The DOW is currently set to open lower with futures trading down some 54 points as I type. I wouldn't be surprised to see a new low in place today:
The move down has been steady and filled with small rallies, perfect for adding to shorts if you have a solid position. The DOW is currently set to open lower with futures trading down some 54 points as I type. I wouldn't be surprised to see a new low in place today:
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