Getting a correction is needed, but also a shallow retracement with a support hold at the 38.2% level is a sign for more highs ahead.
As the RSI drops back below the overbought condition line, selling interest continues. The last time this happened the 38.2% level held and after a period of consolidation the market kicked to new highs.
Internal indication looks for a repeat of that as the near-term trend momentum remains with the bulls.
Buy dips.. happy trading! $6581 is the level that should hold... otherwise wait for 5900ish before adding longs.
The full retracement to 8500 is still in play!
As the RSI drops back below the overbought condition line, selling interest continues. The last time this happened the 38.2% level held and after a period of consolidation the market kicked to new highs.
Internal indication looks for a repeat of that as the near-term trend momentum remains with the bulls.
Buy dips.. happy trading! $6581 is the level that should hold... otherwise wait for 5900ish before adding longs.
The full retracement to 8500 is still in play!