Like we have been saying since few weeks ago we must break through that FIB RETRACEMENT ZONE to confirm this bullish move otherwise we are STILL IN BEARISH TREND. AND today we saw exactly that. We were NOT able to break Fibonnaci 38.2% Level. yesterday we slowed down with a Doji and sure enough today we crashed confirming this Evening Doji Star Reversal pattern.
I proposed to you last week that this is probably what is going to happen. THAT CRAZY channel we saw back in Aug 2011. That’s what might be happening for the next three months between 100SMA and 200SMA.
So What Now??
We are still in that Fib Retracement Boz Zone. we could bounce off of 61.8% Fib and trade up to that current down trend line or if we continue bearish, that red uptrend line is where we are going to slow down.
Let us know what you think.