The big picture is still very bearish. But as price got close to next horizontal key support/resistance ard 1237-1240 and Slow Stoch is in oversold on both daily and 4 Hrs time frame, there is some chance we may see a bounce here.
In case the expected spike happens, the retest target will be somewhere between 1265-1275 maximum.
The corrective (counter trend) move could accelerate with a break above 1252-1254, which is the 4 Hrs Kijun sen and also above the top of the cloud on 1 Hr time frame (1 Hr is not shown here)
Comments
Kumowizard
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Struggled a bit, but finally bounced. Now watch the 1270-75 area, which was out first target for the counter trend trade. I'd suggest to take profit on half of the position there. If it breaks and stays above 1272, next target comes ard 1300, but that I think will block the bullish move. The Kumo is really far away and thick enough to protect the big bearish trend.
Kumowizard
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1240 heldwell so far. If you go down to 1 Hr level, now you can clearly see what is the important level, which needs to be cleared to trigger a bigger correction. That is 1252+, which is now above 1 hr Kumo top, and 4 Hrs Kijun Sen line.
I bought front month 1260 Call @ 9,30 points.
I think we may see the firm break either today evening, or tomorrow in European session.