MA200 (daily) and cycle low (of 2017 rally) intersection support was broken last week, and the price extended down to 1245 again.
Having declined $50 a week, the price action is too stretched now. A correction seems to follow before the next short opportunity.
Also to be noted that the break might be a “bear trap”, break not confirmed yet.
I booked profits for now, and looking for either of the following points for a possible short entry.
a_ In case of correction, a reaction from 1260-1265 band from above
b_ In case the price continues to decline further, just below Fibo 78.6 level (1239)
Staying below MA200, and extending down below 1239 (Fibo 78.6) shall confirm a long-term bearish trend in my opinion.
Having declined $50 a week, the price action is too stretched now. A correction seems to follow before the next short opportunity.
Also to be noted that the break might be a “bear trap”, break not confirmed yet.
I booked profits for now, and looking for either of the following points for a possible short entry.
a_ In case of correction, a reaction from 1260-1265 band from above
b_ In case the price continues to decline further, just below Fibo 78.6 level (1239)
Staying below MA200, and extending down below 1239 (Fibo 78.6) shall confirm a long-term bearish trend in my opinion.