The market has made a New Structure Low ( NSL
) in the past couple days when the market became oversold and now has started to rally a bit. This NSL
would signify another downtrend continuation trade possibility. Based on prior resistance/support areas, I am projecting the market to rally back into the $115-$117 price range, which happens to be the 61.8 - 78.6 Fib Retracement Zone as well, and then continue our downtrend or at least retest the lows at $109.625. Let me know your thoughts.