My view here is that we are currently nearing the end of the retracement phase which will be followed by a resumption of the downtrend. Whether the retracement ends at the 50% level at 80 or whether we see another push higher towards the golden retracement at 85.50 remains to be seen. Support should be firm around the previous Fibo resistance level of 73.90, which is also approximately where the bullish trendline comes in.
I’m looking to play a 74/80 range in the short term and I will hopefully be able to establish a long term short position somewhere around 85.50.
