Currently expecting a sharp pullback to around 7570 followed by a climb back up to the 0.618 again (by which time the 1D MA200 should be confluent), then down to the 6800 area confluent with the 0.236 fib
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First phase of trend movement is now in progress. I'm now thinking we may not dip quite as far 7570 before we see a solid bounce, probably more like 7800 - 7750 (around 3rd June wick high) confluent with the 1H MA200 & 4H MA50
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7791 hit before flash pumping just shy of the 26/07 daily high. Expecting a wick down to 7950 before making an attempt at the 24/07 daily high. 1D MA200 is falling fast, so I am doubtful we'll see 8500 before seeking lower lows.
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Well, I honestly didn't expect it to come down to my target area so fast, but there it is.
We may see a small relief bounce to around 7200 in the coming days, but no higher in my opinion.
We may see a small relief bounce to around 7200 in the coming days, but no higher in my opinion.
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There appears to be a concerted effort to prevent the 1H EMA20 from crossing above the 1H MA50