NOT AN EXPERT WHEN IT COMES TO INDICES SO BARE WITH ME!!
RECENT LOWER HIGHS AND LOWER LOWS ON THE DAILY SHOW US THAT THIS IS CURRENTLY IN A DOWN TREND. WE HAVE HAD SOME UPWARD MOMENTUM WITH PRICE NOW RUNNING IN TO RESISTANCE AROUND 11653. THIS IS ALSO WHERE PRICE HAS FOUND THE DESCENDING TRENDLINE FOR THE THIRD TIME AND THE 38.2 FIB LEVEL. IF THIS HOLDS AS A NEW LOWER HIGH THE DOWNSIDE LEVELS I WOULD USE AS TARGET WOULD BE THE RECENT LOWS AROUND 10800. IF THAT LEVEL THEN GOES WE WOULD BE LOOKING AT 10417 AT THE -61.8 FIB LEVEL FOLLOWED BY OUR NEXT KEY DAILY/WEEKLY LEVEL AT 10154.
LETS SEE WHAT THE MARKET DECIDES IT WANTS TO DO! KEY LEVEL RIGHT NOW
RECENT LOWER HIGHS AND LOWER LOWS ON THE DAILY SHOW US THAT THIS IS CURRENTLY IN A DOWN TREND. WE HAVE HAD SOME UPWARD MOMENTUM WITH PRICE NOW RUNNING IN TO RESISTANCE AROUND 11653. THIS IS ALSO WHERE PRICE HAS FOUND THE DESCENDING TRENDLINE FOR THE THIRD TIME AND THE 38.2 FIB LEVEL. IF THIS HOLDS AS A NEW LOWER HIGH THE DOWNSIDE LEVELS I WOULD USE AS TARGET WOULD BE THE RECENT LOWS AROUND 10800. IF THAT LEVEL THEN GOES WE WOULD BE LOOKING AT 10417 AT THE -61.8 FIB LEVEL FOLLOWED BY OUR NEXT KEY DAILY/WEEKLY LEVEL AT 10154.
LETS SEE WHAT THE MARKET DECIDES IT WANTS TO DO! KEY LEVEL RIGHT NOW