Very large sell-off overnight. Price dumped very quickly within two hours nearly 8%, only stopping after wicking thoroughly through our previous broken resistance turned into a Demand Zone.

Unfortunately, such a large sell-off is usually an indication of trend exhaustion, so after an initial bounce-back my strategy is to short back down for a re-test or breakdown of the $35,900 Demand Zone.

I will begin looking for entries around $36,800, waiting for lower-time frame entry signals.

Build Your First Trading Strategy Today With Our Free Guide!

Copy Trade Me On Fairdesk - Earn While You Sleep!

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.