As mentioned last week, we were suppose to go lower to retest the gap up from June 17th. The past week made the count incomplete, if it did test last week lower, we would be on our way back to 4k but it didn't. Volume was painfully low on Friday and it was expiration day too. The July 14th break of support at 373 was very telling. June 22nd low then gap up next day is a hint for chartist. Therefore, I believe that we are gonna test for the next two weeks. Itll possibly breach and close below June 17th low. If that is the case, we will go back up and revisit this again in the next two months or so. VIX is also showing signs of progressive upward movement channel. ABCDE pattern. Alot of data coming out of the EU this coming week. Draghi resigning is a huge blow.
Comment:
I meant to say June 14th low then gap up next day is a hint for chartist.