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.
Comment:
I may have made an error in the HNS. Alternate hypothesis. 56 or so o/n, push up to 80 or so and then to 2517-2520