Thank you for taking the time to read my idea, your support is appreciated.
We broke the thick red line last Friday but failed to follow through.
A "relief" gap and bounce today as traders cover their shorts.
The red line with denoted arrow is major resistance.
Monitor this line carefully and watch the behaviour of price action.
26400 ish is resistance...any solid candle close above this level and punch through and close above the red line would challenge the bearish outlook.
Another kiss back to underneath this red line now is ideal.
Wave C down is here which will take the market below the March lows.
In the meantime, we contend with a waiting game and patience.
We broke the thick red line last Friday but failed to follow through.
A "relief" gap and bounce today as traders cover their shorts.
The red line with denoted arrow is major resistance.
Monitor this line carefully and watch the behaviour of price action.
26400 ish is resistance...any solid candle close above this level and punch through and close above the red line would challenge the bearish outlook.
Another kiss back to underneath this red line now is ideal.
Wave C down is here which will take the market below the March lows.
In the meantime, we contend with a waiting game and patience.