Relief rally in the works?
A close above 2600 for the day will take the markets to a relief rally in the short term. Be warned as this could be the bottom or a potential head and shoulders bearish pattern, if we get rejected at the resistance level highlighted above. We still held our long term support of the uptrend but with our current global economic fears we could potentially end in one of the worst recession's EVER! So key levels to look at is 3000 and the support at 2500. A break above 3000 then we continue the uptrend and confirm 2500 as the bottom. However, if we come down to retest 2500 I am looking at potential downside targets of 2000-1700 as we enter a long bear market. As of now I am expecting a relief rally next week. Traders good luck! If you like my analysis please give it a like and follow! Cheers :)
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