It is now retesting that level as the Sep contract makes new lows. See any of the previous posts.

Note how different this looks from the daily spot continuation chart;
There is a good chance that the spot chart will eventually also make new lows and take out the .618 , 3.82 level. The neckline break above targets 3.35 and there is a Fibonacci .76 retrace at 3.28.
click to enlarge
It may very well may consolidate ahead of taking that level out, or better yet, just barely take it out then bounce .
VERY short term it's looking a little overdone here.
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