DislikedHere is more about the break of the 3400 level:
The failed Off shoots of a resistance is a phenomenon that you get very close to a turn around. I have shown some examples on the daily chart. The 2 worst ones that happened was at 3914 on Oct 27 2011, which lasted only very few days and the other one was at February 21 2012 which only lasted a week.
So have to be carefull in situations where excitable momentum gets generated when a resistance breaks, which is close to several overlapping fib levelsIgnored