After the bearish confirmation with the break of the $3636 level on Sept. 27, the first bounce wave ended on Oct. 5, and the bearish acceleration on Oct. 13 with the lows supporting Fibo 50%, yet another wave of technical bounce is about to end. The opening short area starts at $3750 with a more important area between $3800 and $3815 (highlighted in deeper red). More acceleration could occur soon due to a confluence of factors : inflation data, FED interest rates, quarterly and the 50/100 weekly moving averages crossing downward (Death Cross).
I will open SHORT positions in the entire area from $3750 up to $3815, with larger positions between $3800 and $3815
The long-term trend remains unchanged as from the first analysis on August 26, with a long-term target in the $2200 area.