The longer term technical outlook favours the bears at current levels. The down trend is a strong one, the 200-week moving average sits at 87.50 and the golden Fibo of the vertical fall from 104.40 is at 85.50. If the bulls can take these levels out then the picture will swing back in their favour. Further oscillation between 80/85 is favoured in the short term until the big picture decides which way it wants to look.
