The most important takeaway from the past few weeks; from Jun. 11 specifically, is that the .786 (279.55) Fibonacci level has served like a glass ceiling, and the 0.618 (273.82) has currently served as strong support, cumulatively this has happened about 6 times in less than 2 weeks. Even if we do break past the .786- 282, where multiple factors of confluence come into play, will probably be the limit of any upside (based on analysis not present here) before a retracement.
We've made 3 higher lows in the we've been in since the beginning of April and on every higher low relative to the last one has been lower- denoted by four opaque oval ellipticals at the bottom of the chart connected by downward sloping magenta . This is potentially . Thus at the moment patience is required, I am currently neutral and will see how the market behaves over the coming weeks before moving into the or camp.
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