Caught the move last week where price broke the trend, retested and then made a fairly big break towards the downside. Each of the three take profits were hit at the fib levels on the fib extension and we closed on Friday perfectly sitting on the 1.618. This level is where price was used as resistance many a time back in September. As a result, I would be siding with the fact that a bounce from the highlighted box would be the start of some correction after the impulse move down, pulling back to the 0.382 fib on the retracement.
I will be looking at shorts towards 108.00 on the basis that we do not close significantly above the 0.382 fib.
I will be looking at shorts towards 108.00 on the basis that we do not close significantly above the 0.382 fib.