Reaches 38.2% retracement target at 123.41
In an earlier post, I spoke on how support was providing support at the 123.78-80 area. I was also watching the 123.97-07 for sellers. The sellers showed up and the support, stopped providing support (i.e, there was a break of the 123.78 level and it stayed broken).
The run lower has now reached the next target at the 38.2% of the move up from the July low at the 123.415. That is the next hurdle for the shorts but understand that there may be some dip/profit taking buyers with stops below first.
