Pullback to 38.2% level (1913.8)
Updated
We've hit the 50% retracement level of the December/January swing low.
Throughout the US session it was bullish, and the bulls tried hard to break the 50% level at the close, but were unable, and significant volume drove us back from 1945.8 (50% level) to close at 1938.1
I'd be interested in shorts, with a stop above 1945.8, and a target of around 1913.8 (the 38.2% retracement level) on Tuesday.
Alternative scenario is to buy the 38.2% retracement level area (1913.8), with stops below, and a target of around 50% (1945.8)
Throughout the US session it was bullish, and the bulls tried hard to break the 50% level at the close, but were unable, and significant volume drove us back from 1945.8 (50% level) to close at 1938.1
I'd be interested in shorts, with a stop above 1945.8, and a target of around 1913.8 (the 38.2% retracement level) on Tuesday.
Alternative scenario is to buy the 38.2% retracement level area (1913.8), with stops below, and a target of around 50% (1945.8)
Trade active
Ok, so we have sold off almost 10 points since yesterday's closeI'm tempted to take some profit here, and let the rest run to around the 38.2% level (1913.8) or yesterdays lows (1918)
Trade closed: target reached
We've completed the pullback to the 38.2% retracement level, around 20 points available up for grabs today on that short !
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