With the bullrun starting to run out of steam, a pullback is in order. the 38.2% Retracement comes in to line with the 4 hour 50 EMA which should provide support for a bounce.
Once this happens we should get at least to 7800, at that point we are testing breaking out of the massive bull wedge as well as trying to surpass the Daily 200 EMA.
Second scenario, if we break 7100 we will most likely retrace all the way down to 6800 (daily 50 EMA).
Once this happens we should get at least to 7800, at that point we are testing breaking out of the massive bull wedge as well as trying to surpass the Daily 200 EMA.
Second scenario, if we break 7100 we will most likely retrace all the way down to 6800 (daily 50 EMA).