Swiss Market Index - Good support, now retracing towards Kijun?
SMI reached a support area that it already encountered back in middle of January between 7935-7955 where it closed on Friday.
Kijun lies straight on our Fibo pivot (Kijun is 50% of high/lows of 26 candles) so it indicates that the Fibo is correctly drawn. What we see is that the Tenkan lies around the 0.382 Fibo and could be the first target after the pullback. If it is neatly broken, price will target the Kijun and maybe the cloud where a small twist is present.
Kijun lies straight on our Fibo pivot (Kijun is 50% of high/lows of 26 candles) so it indicates that the Fibo is correctly drawn. What we see is that the Tenkan lies around the 0.382 Fibo and could be the first target after the pullback. If it is neatly broken, price will target the Kijun and maybe the cloud where a small twist is present.
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Broken.. the market is bearish.......
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Europe is tanking, whole idea cancelled.