In our last analysis we were anticipating a rejection from around the 49K level. Price couldn't quite reach the 49K but it went close enough to show us a rejection.
We are now looking for short term sell position, possibly back to one of our structure levels.
First target we're looking at is the 43K level where we have the previous bottom and structure.
Second target is the 37K level where we have the -61.8 fibonacci extension and previous structure.
Our short bias will be invalidated if we push above the 49K level.
It's important to be flexible and adaptable with the market. If the market shows bullish pressure, we can always change our bias to Long provided there are enough confluences.
We are now looking for short term sell position, possibly back to one of our structure levels.
First target we're looking at is the 43K level where we have the previous bottom and structure.
Second target is the 37K level where we have the -61.8 fibonacci extension and previous structure.
Our short bias will be invalidated if we push above the 49K level.
It's important to be flexible and adaptable with the market. If the market shows bullish pressure, we can always change our bias to Long provided there are enough confluences.
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