The market breathes in ups and downs and even pull backs from pull backs:
After that recent drop, we saw a pullback to the 61.8% retracement from last week's highs - often pull backs happen to be towards that level.
Now 2 days ago the pull back from June's highs closed near the 61.8% retracement around 9.7k. Usually followed by a counter pull back.
That today touched the 61.8% retracement from the highs of last week around 10.65k.
In my head a Matryoshka is unfolding... Bear with me, hopefully I don't have to mention 61.8 again today.
We might see a retest of the 21 daily around currently around 10,8k or the... ehhhh 61.9 retracement - puh, that was close! - around 10,6k. But sooner or later, I remain with my bearish forecast from last week towards the daily 100 levels around 8,8k by the end of the month.
After that recent drop, we saw a pullback to the 61.8% retracement from last week's highs - often pull backs happen to be towards that level.
Now 2 days ago the pull back from June's highs closed near the 61.8% retracement around 9.7k. Usually followed by a counter pull back.
That today touched the 61.8% retracement from the highs of last week around 10.65k.
In my head a Matryoshka is unfolding... Bear with me, hopefully I don't have to mention 61.8 again today.
We might see a retest of the 21 daily around currently around 10,8k or the... ehhhh 61.9 retracement - puh, that was close! - around 10,6k. But sooner or later, I remain with my bearish forecast from last week towards the daily 100 levels around 8,8k by the end of the month.
Trade closed: target reached:
It looks that the closing price might be around 10.9k, very close to the forecasted 21 daily - if we do not close above that today, we might caught a bearish signal to the downside.
Comment:
Last couple of days are confirming the forecasted drop, currently towards 8,5 the 50% retracement of this years' high or at least to the daily 100 around 8,9k today.