Trend momentum, measured by the ADX indicator, is just starting to come to life. Momentum for the bears is light, but is growing.
This move in momentum, along with the downside break of the red 61.8% Fibonacci retracement line, puts the previous 3128 low in jeopardy.
Setting up a Fibonacci extension with eyes on the black 1.272% level gives a nice target to watch on a break to a new low. This level matches up well with a significant support level back in 2017. If momentum really kicks into gear for the bears then the black 1.618% extension level could be another target. Following the trend and waiting for RSI signals to get up outside of the red bearish zone before considering any major long positions.
Staying short for now.
Thoughts, comments, or questions let me know!
This move in momentum, along with the downside break of the red 61.8% Fibonacci retracement line, puts the previous 3128 low in jeopardy.
Setting up a Fibonacci extension with eyes on the black 1.272% level gives a nice target to watch on a break to a new low. This level matches up well with a significant support level back in 2017. If momentum really kicks into gear for the bears then the black 1.618% extension level could be another target. Following the trend and waiting for RSI signals to get up outside of the red bearish zone before considering any major long positions.
Staying short for now.
Thoughts, comments, or questions let me know!