Looks like this has finally broken down out of a descending wedge and dropped below the nearest supports.
The next level to look at is the .786 Fib level and the 50 day SMA.
If it drops below that 50 SMA support then looks like we are going to the .786 Fib which would put us around a 11% correction.
CPI is looking hot and inflation expectations are grounding a lot of strategies now.
I believe that this is going to be a good correction then possibly a final melt up ATH again before tumbling down the drain and filling a lot of gaps that were made in the past year since the Covid crash.
Thats all folks
The next level to look at is the .786 Fib level and the 50 day SMA.
If it drops below that 50 SMA support then looks like we are going to the .786 Fib which would put us around a 11% correction.
CPI is looking hot and inflation expectations are grounding a lot of strategies now.
I believe that this is going to be a good correction then possibly a final melt up ATH again before tumbling down the drain and filling a lot of gaps that were made in the past year since the Covid crash.
Thats all folks
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