While the daily PPMs are still looking to flatten out, it doesn't change the fact that the over-zealous selling we are seeing now was caused by the santa rally that overshot the high fib targets in practically 1 session.
A likely scenario now would be a test of the 10 SMA at 3.244 before bouncing back up.
The scenario mentioned yesterday about a blip may not be so true considering the algo on PPM 1 has dipped at the end to reveal a drop back to the no trend zone.
The weekly chart still shows signs of a rebound after this and next week's dip though.
Hence I'm thinking we would stall here for a couple sessions to find a trading range before continuing.
A likely scenario now would be a test of the 10 SMA at 3.244 before bouncing back up.
The scenario mentioned yesterday about a blip may not be so true considering the algo on PPM 1 has dipped at the end to reveal a drop back to the no trend zone.
The weekly chart still shows signs of a rebound after this and next week's dip though.
Hence I'm thinking we would stall here for a couple sessions to find a trading range before continuing.