I'm remaining long term bullish, but short term undecided.
I've drawn the Fib trend extension on top of the previous Fib extension, using the last major move from 37.300.
We can see two options from this recent move.
First, things moved quicker than expected and only missed their expected targets by a small margin.
Second, this move was on low volume.
- With the Weiss indicator showing a possible sell signal that triggers below 45.908 we could see a downward move to 42.500 at the .38 Fib extension line, before continuing it's bullish upward trend.
- Other option is we continue to 47.790 at the .61 Fib extension line and take a breather back down to the 46.700 area.
First option would scare out the over leveraged long positions ;-)
Of course I could be totally wrong and just wasted mine time writing this nonsense and yours for reading it.
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