It was very clear that the momentum of the rally which started on Wednesday and continuing into Thursday was getting slower and slower, indicating it was not going to breach Tuesday's swing high.
In fact Thursday's morning high was a 70% retracement level of the decline from Tuesday's swing high to Wednesday's morning low swing low (retraced in ab=cd EW equal leg zig zag fashion)
In fact Thursday's morning high was a 70% retracement level of the decline from Tuesday's swing high to Wednesday's morning low swing low (retraced in ab=cd EW equal leg zig zag fashion)
For Friday, Key Inflection Level is 2530
- Bearish below 2530, targeting a decline down to re-test Tuesday's swing low of 2505. A break below 2505 that does not hold could cause a fast snap-back rally up to 2535 area. A sustained break can trigger a fast liquidation decline.
- Bullish above 2535, targeting a re-test of Thursday's swing high.
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