Low fib targets still in play
PPMs are still pointing towards a downward momentum for the next 2 or so trading sessions. However after that, it is pointing back up at a recovery.
We are still looking at a short sell off incoming. For some reason, the low fib targets are still in play. But the market grid is already narrowing bit by bit. The trading range has already narrowed quite a bit and is probably looking to break out. Look to the low fib target at 3.148 to be the first line of support to the downside.
After that sell off though, we may see a formation of a bottom followed by a gradual recovery. We should see a batch of new high fib targets by then.
We are still looking at a short sell off incoming. For some reason, the low fib targets are still in play. But the market grid is already narrowing bit by bit. The trading range has already narrowed quite a bit and is probably looking to break out. Look to the low fib target at 3.148 to be the first line of support to the downside.
After that sell off though, we may see a formation of a bottom followed by a gradual recovery. We should see a batch of new high fib targets by then.
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