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plenty of room to the downside. I like 4350 or lower to initiate bullish positions as swing which is under a 3% retracement off yearly highs, still a healthy pullback.
Beautiful fib action today. We went down, tested 23.6% retracement again, bounced up, and attempted to break out over 4422 level mentioned on weekend, but have failed so far.
I drew the retracement (RED) from the lowest point in the range instead of the low of the move (previous post) this time, as both are valid, but there is little difference, so just for illustrative purposes.
The extension (YELLOW) produces the 4421.59 level at 127.2%. However, I was incorrect that this fib is for this week. It has no time element associated with it, which actually makes it a little weaker to me, but still not a bad reference level none the less.
Again, these are index levels, but I like using the index because there are no rollover distortions.
BTW, on the futures chart, I think we could test 4380, possibly in an overnite session...
Current low at 71.50. A little tempted to go long here, but will probably wait for rth and a potential double bottom, although that could mean missing a lovely entry.
Looking at 4371 support.
