Curently we got a bounce after breaching the support of the .5 fib. We got a rally off that break Howver looking at the downtrendinf channel we still are within that and this recent pump just brought us back to that reistance at 104
This can get going but in my veiw I’d want to see another pull back to retest the .5 fib and reconfirm as support.
It’s possible it dips to 102.50 and tests that as support which was a smaller sideways channel we were in. So that could create a bounce also. Until we reclaim 104.7 as support again it is still in a downtrend and can contiue down. It is scaring the markets curently but I don’t think it’ll blast off just yet. Mabey a few more weeks left
This can get going but in my veiw I’d want to see another pull back to retest the .5 fib and reconfirm as support.
It’s possible it dips to 102.50 and tests that as support which was a smaller sideways channel we were in. So that could create a bounce also. Until we reclaim 104.7 as support again it is still in a downtrend and can contiue down. It is scaring the markets curently but I don’t think it’ll blast off just yet. Mabey a few more weeks left