After chasing ahead of the potential right shoulder downtrend, we have seen price perfectly touch the .382 fib level, before bouncing back up.
We now find ourselves approaching the previous support, turned resistance. The volume doesn’t look high enough to force this through, and I think there’s a good chance we retrace back to test the 9.6k level again so is a good short opportunity if we see price get rejected here at 10.2k. Will there be enough downward pressure to take us down below the .382 level though? Personally, I hope so as I think we need a decent retracement to allow us to take a good run back up and past 11.9k!
We now find ourselves approaching the previous support, turned resistance. The volume doesn’t look high enough to force this through, and I think there’s a good chance we retrace back to test the 9.6k level again so is a good short opportunity if we see price get rejected here at 10.2k. Will there be enough downward pressure to take us down below the .382 level though? Personally, I hope so as I think we need a decent retracement to allow us to take a good run back up and past 11.9k!