Price bounced hard off the 50% Fibonacci retracement and candle closed JUST above the previous 66% mark of 973.
Confluence with a bounce around the 50 SMA zone, which was seen in the previous bounce to the 452 level.
I see the $1000 as a round psychological number as well as the 50 SMA as a pivotal point to hold.
Long term bullish however if we see a close below the 846 dollar point i would consider a move lower to the 600's for a FULL 50% retracement (of 0 to 1241, as was seen in the 900 to 452 drop) which would also coincide with a test of the 200 SMA.
Confluence with a bounce around the 50 SMA zone, which was seen in the previous bounce to the 452 level.
I see the $1000 as a round psychological number as well as the 50 SMA as a pivotal point to hold.
Long term bullish however if we see a close below the 846 dollar point i would consider a move lower to the 600's for a FULL 50% retracement (of 0 to 1241, as was seen in the 900 to 452 drop) which would also coincide with a test of the 200 SMA.