Its currently held up in a Cumulus Cloud formation but moving lower (which has turned to a stratus, sign of indecision & consolidation)
- The C of the ABCD peaked just above the 61.8% Fib level and is now moving down to its previous low
- We have confluence on the D level from March of 2015
- A break of the previous low @ 1175.53 will confirm the Downward pressure we are monitoring
- Short term downside target of $1150.00
Short Bias on this Security
I trade the Ichimoku as a stand alone system. The ABCD pattern as a Forecasting guide to plot risk to reward etc. With the D area I look for confluence for hire chance of profitability.
Hope that helps