62.5K now stands in focus

Greetings everybody,

So it seems it was worthy of our efforts that we've decided to keep an eye on H&S pattern on 1H chart before consider any short-positions. As H&S has not been formed - it saved a lot of money. Now situation is similar but a bit more tricky. Markets across the board prepare background for retracement - gold, EUR at long-term supports and oversold, 3-Drive "Sell" pattern on 10-year interest rates and here we have potential Butterfly "Sell" around 62.5K.

This butterfly actually, is not something new, but shift of previously discussed "222" Sell pattern. As we come closer to Fed meeting on Tue-Wed, it probably becomes the event that could trigger this mess, if JP tells something about interest rates and shows concern of its rising.

Thus, it seems that currently it is not good point to go long immediately, until you want to pass through "doom&gloom" of Fed meeting. For short entry we suggest to hold the same strategy - bearish patterns are great, but before taking position, it would be better to get another one on hourly chart right at the top of 62.5K. It could minimize potential loss and provide perfect entry point for position.