Market has rallied from obvious LT volume support around 177 (in Daily post) and now at yesterday low = Resistance, just above which is yesterday POC around 179.20, which is above Ichi Cloud, and then there is the 180.19 I still think market will probably retrace to on way to 182.62 above where there was a gap several days ago (begininng of current down swing).
Probably today is over and price will stay around VWAP, but we shall see. In any case, current upleg is a deep intraday correction. I didn't draw Fibs but looks like more than .618% to me. Usually when that happens any resumption of trend (it is still a down day, barely, is not all that convincing. The key right now at 14:30 is to see if a down move convincingly busts through VWAP support and makes a spirited attempt to test the Day Low around 177 which, for now is key support. Given it's relative importance on longer-term timeframes, this is quite possible either today or tomorrow.
IF it holds, look out above. If it doesn't, next stop 170.
Probably today is over and price will stay around VWAP, but we shall see. In any case, current upleg is a deep intraday correction. I didn't draw Fibs but looks like more than .618% to me. Usually when that happens any resumption of trend (it is still a down day, barely, is not all that convincing. The key right now at 14:30 is to see if a down move convincingly busts through VWAP support and makes a spirited attempt to test the Day Low around 177 which, for now is key support. Given it's relative importance on longer-term timeframes, this is quite possible either today or tomorrow.
IF it holds, look out above. If it doesn't, next stop 170.