Dislikeda brief analysis on the current situation, before i dive into the weekend.
the bias is bearish long term.
monthly and weekly charts show there is more room to go down, most probably to the supporting trend line on monthly - 176/178 area. i would think even lower... but this is for later.
daily chart shows a huge hidden bearish divergence - i marked it with white lines on price and oscillators = continuation pattern, which means down again after some horsing around at this level. also, 5sma weekly (see label) and 38.2 fibo have been reached, which is another sign that this move up (well, a correction) might be close to an end. because the fall has been so violent, i would think 38.2 fibo has most chances to be the highest point of this retrace (however, it may go as high as 50 fibo - around 200 area).
another thing to consider: since this is a correction, i expect it will be complicated. we'll probably see another move down... then up again... then down... up... 185/197 range, really testing our patience.
if US news continues to get worse, then no reason for horsing around - it will go straight down. but i have a hunch it won't be that simple.
don't keep open trades during the weekend. and if you can't see a direction, stay out - you're already a winner.Ignored
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