What a drop. Didn't think it would go so far and it looks like there is more to come. The 50% fib point is 9214 ish and I think that will provide solid support.One trend line support is at that point, another is at the close today.Stochastics are right on oversold, but we could be there for tomorrow as well....I said Friday we would go down and all my reasoning was correct.Stochastics are currently providing a good clue as to how long we are at a top or bottom. Worst case bottom is that there could be another 100 point drop from here.Well I think it won't be that bad, as we were well over done today, BUT there was no sign of strength at all at the close.RSI (33) is close to the bottom channel at 30 and CCI has a bit more to go.
The bull breakout was short lived and has to be a fake, although it made 150 points above the breakout.9200 is the crucial point. Below that and the uptrend is over. If we can turnaround before that,the retest of 9430 horizontal resistance is valid.
Whichever way, Tomorrow will hold the key.....I say a drop to 9220, and off we go...
The bull breakout was short lived and has to be a fake, although it made 150 points above the breakout.9200 is the crucial point. Below that and the uptrend is over. If we can turnaround before that,the retest of 9430 horizontal resistance is valid.
Whichever way, Tomorrow will hold the key.....I say a drop to 9220, and off we go...
