We have very heavy support at the .618 region and if we do break that level this scenario will no longer be valid
If however, we do break the previous high made this month we will likley hit a strong target of 5200ish at around the level. This is a very good trade in terms of risk-reward.with an almost 4-1 RR setup.
P.S After hitiing the 5200 Range there is two more places we could go Either in a accumulation phase or we could possibly go down to 2,000. I will post more about it when we reach my targets or if we break below 3450.