400 reminds me of the old 200 in so many ways, I've heard all the counter arguments ranging from price coming from a downtrend into being in an uptrend to different sentiment and different time. However I think personally it's time exit all longs and wait for more clarity on direction.
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Interesting to note that both of these occur within the same time span of roughly 7 months.
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Update:
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A quick update for those still watching this trade, here is an observation I'm watching right now.
Notice in the chart below the fractal from back in August 2015 is on top, notice how after the drop price retraces to the 38.6% retracement level and stalls, we did the same on day 1 in the current price action.
Next notice how on day 2 we form a narrow range same on both charts still near the 38.6% level.
Now what we want or could expect to see next is a breakout to the upside to the 61.8% level just like on the top chart only for price to stall there and continue down.
It is there I will be looking to place short with a "very tight stop loss order".
Good Luck
Notice in the chart below the fractal from back in August 2015 is on top, notice how after the drop price retraces to the 38.6% retracement level and stalls, we did the same on day 1 in the current price action.
Next notice how on day 2 we form a narrow range same on both charts still near the 38.6% level.
Now what we want or could expect to see next is a breakout to the upside to the 61.8% level just like on the top chart only for price to stall there and continue down.
It is there I will be looking to place short with a "very tight stop loss order".
Good Luck