With that weekend plunge we did fall through the trend line, the 21 daily and the 3 weeks' support zone. Currently we bounced back from the daily 55 right into the support zone again but not the other 2. A pullback like this is very common and might likely end up with further downward movement.
For now we have the daily 55 around the psychological level of 10k and another support zone right between 9575-9750 involving the neckline of the double top formation. I think both will be tested by the end of this week.
The end of the day will reveal some fate.
For now we have the daily 55 around the psychological level of 10k and another support zone right between 9575-9750 involving the neckline of the double top formation. I think both will be tested by the end of this week.
The end of the day will reveal some fate.
Trade closed: target reached:
Tested for 2 days and correctivly pulled back.
Comment:
Both the 10k and the neckline have been tested today, the latter been rejected. But currently further downside towards 8.5k the 50% retracement seem most likely to me.