Following the Trump press conference the recent breakout higher has failed to hold above resistance.
Price completely retraced and broke through support, starting a new bearish phase on the hourly timeframe.
I am watching for another opportunity to short this index on a pullback. Former support at 11560s has confluence with the 38.2% Fibonacci level.
IF the new trend is a strong one, price may only retest the most recently broken support at 11520s. There is confluence with the 23.6% Fibonacci level.
Target for this trade would be around the 11400 level, where there is also confluence with the 1.414% Fibonacci extension.
Price completely retraced and broke through support, starting a new bearish phase on the hourly timeframe.
I am watching for another opportunity to short this index on a pullback. Former support at 11560s has confluence with the 38.2% Fibonacci level.
IF the new trend is a strong one, price may only retest the most recently broken support at 11520s. There is confluence with the 23.6% Fibonacci level.
Target for this trade would be around the 11400 level, where there is also confluence with the 1.414% Fibonacci extension.