Recent price action can't be ignored and is not at all ideal for bulls. Two scenarios are possible and more and more the bearish case is looking more likely. Be prepared for both. A STRONG move under 1270 we have to cancel my previous long idea and go consider shorting to 1241, if that breaks then we will most likely reach the 1180-1220 area.
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The jury has decided. The bearish view is favoured and will play out.