Potential for a intraday reversal to occur here with a lower high to form. This would then see price start to make it's 5ht bearish wave down to a new lower low at the 27,500 support zone or lower.
Price is inbetween the 0.786 and 0.618 fib retracement levels so shorting would need a conservative stop loss placement in my opinion. There is the 1hr 50EMA to keep price down at this area and the 50 is now below the 200EMA (bearish alignment).
Tech stocks are still struggling and they have previously kept US equity indexes high. If they falter again this week then a further sell off on the Dow Jones is imminent.
Price is inbetween the 0.786 and 0.618 fib retracement levels so shorting would need a conservative stop loss placement in my opinion. There is the 1hr 50EMA to keep price down at this area and the 50 is now below the 200EMA (bearish alignment).
Tech stocks are still struggling and they have previously kept US equity indexes high. If they falter again this week then a further sell off on the Dow Jones is imminent.
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TP1 @ 27,500 almost reached now. Nice R:R at this level but there is a lot of potential for stocks to go lower in the near term. Manage exposure and ride the waves
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Trade closed, final target at the -0.27 fib extension zone reached. Price is getting spiked and volatile now aswell.
