The bearish trend has a high potential to continue after the latest rally.
This will be the third time we came back to the .236 retracement from the top
Continuing to follow the down trend both overall and the recent steeper decline
Note: Each of the fib retracements measure from the high to each of the three stops along the way during the downtrend, they all keep popping back up to the .236 retracement and then continuing descent. The .236 retracement gets larger each time from the top as we descend.
It got some help as well from the 20 day bearish simple moving average at 2800.
Targets 2390, 2200 (for double bottom). In the event we don't stop at 2200, the greater trend is broken and we are looking at 2000, 1852.... or 1700
- May the odds be ever in your favour
Comment
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Trend broke and we're heading up to 3195, and possibly 3400-3500.