I hope the chart is clear. The pullback area coincides well with the Fibonacci golden zone. But, everything depends on the type of price action we see at the red zone.
This is the only bearish scenario I see on the chart and it's highly dependent on the FOMC meeting on September 22.
Powell mentioning possible tapering before the end of the year, might just be the trigger for this sell off. THe two targets I've shown on the chart are easily reachable in my opinion.
However, with this month's CPI data providing some relief about the inflation, I think this scenario is unlikely.
But, being cautious never hurts.
Thanks for your attention ;)
This is the only bearish scenario I see on the chart and it's highly dependent on the FOMC meeting on September 22.
Powell mentioning possible tapering before the end of the year, might just be the trigger for this sell off. THe two targets I've shown on the chart are easily reachable in my opinion.
However, with this month's CPI data providing some relief about the inflation, I think this scenario is unlikely.
But, being cautious never hurts.
Thanks for your attention ;)