TREND : DOWN
VIEW : Bullish
Important price levels : 1808-1798-1836-1844
As per our analysis yesterday we warned that a sharp decline could lead to the 38% Fibonacci retracement if 1832 was broken. The short term trend is down. However the form of the decline from the all time high at 1848.64 is corrective and I believe that yesterday we completed the third wave down of the correction. My expectations are now to see another new upward impulsive move to new all time highs.
However I notice in the volume by price indicator the big volume column near the top of the recent move. This is the only worrying sign that could justify a further downward move towards 1800. For more help trading this index become a member today.
As always, thank you for taking the time to catch up on my thinking.