Confluence:
- Possible rejection from rising channel
- 0.786 fib level going to test golden 0.618 fib level
- extended from 50D SMA
Contributing factors:
- 68 RSI
- Extreme greed in stock markets
- Recession still to play out
Short opportunity with 4% downside.
Depending on FED speech, Core PCE numbers, and major stock earnings, we could be headed to test 50% fib level $4150 for 9% short opportunity.
- Possible rejection from rising channel
- 0.786 fib level going to test golden 0.618 fib level
- extended from 50D SMA
Contributing factors:
- 68 RSI
- Extreme greed in stock markets
- Recession still to play out
Short opportunity with 4% downside.
Depending on FED speech, Core PCE numbers, and major stock earnings, we could be headed to test 50% fib level $4150 for 9% short opportunity.