The 5 week cycle appears to have failed. We overshot the 1.25 week FMA target to the downside and have set a downside target now at about 1805. This would mean a retrace of about 0.62 of the rally from the 20/40 week low. ther eis likely to be some support here but it would imply a break of the 10 week FMA and that would generate a target lower at about 1756. That is an area of previous support and also the approximate location of the 40 week FMA.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.