If 1day 200ma fails 4 potential targets= 8.5k, 8.3k,7927, & 7868
Still a chance the 1 day 200ma may provide body support by the next 2 daily closes but in the meantime targets like filling the gap at 8.5k are veryr easonable...we also have the breakdown target from the descending purple channel around 8.3k if we were to go lower than these 2 the next target would be the golden pocket fibonacci retracement level at $7927 and finally just below that the blue rising wedges breakdown target at 7868. I will likely ladder in a little bit of buys each time we hit one of these price points. Not financial advice however you choose your own destiny. Only short if the 1 day 200ma is solidified as resistance here.
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Just filled the CME futures gap near 8.5k!
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2 new potential targets below the 4 I've just given...7777, and I just spotted an inverse cup and handle pattern we have just broken under and if it confirms which it looks like it might its full breakdown target is $7622. As long as we stay above $6.3k we will form a higher low and the bulls will remain in control on the longer term though.
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i9f we break below the 8504 horizontal I will post an idea highlighting the inverse cup and handle..until then its not something to be overly concerned with.
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on further inspection an inverse cup and handle's handle should still be to the right of the cup on the chart and this one is not so an inverse cup and handle it actually is not..still 7777 is a very real possibility as is the 7.8 and 7.9k targets I gave.
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8.5k support has failed we are now sitting just above the golden pocket.