Well we got the 94 area as suggested and a bit more. Buying today was in fits and starts and the smaller time frame charts were messy. There is a bearish wedge
that has been developing and this morning we broke out of that wedge
but quickly recovered
. We hit symm support and fib confluence around the 70 mark. Perhaps it was a fake. My expectation was that a break of 75 would take us down to the 38 and then 20 area. We hit 96.25 and then sold off into the close. It appears that a small H&S
is forming if it pans out. The first one here with the LS at ydays high at 2566, the head at today’s high and I expect a bounce around the 66.5-68.5 area to 87 to form the right shoulder. Neckline around 66.-68 .Measured move if this pans out is around 30 and that targets the 36.50 area. IF it gets to the 36-50 zone then I would expect a bounce before heading into quite a bit of support in the 17-21 area which also coincides with fibs. ABove 96.25 there is 99 and then 2004.25.IF it gets to those levels then the 2630 area is likely to be tagged.