consolidated under 400 last two trading days and formed a H&S which could best be seen on the 30min time frame.. To complete this head and shoulders we would have to drop to 379.50 max.
Using the high of 408.71
and the low 350.32
I came up with Fibonacci levels. the nearest level would be .236 (394.93) .. below that I have highlighted with white lines. the last 30min we struggled around this area.
The Head and shoulder neckline is at 396.50 , if we gap up over that number this short idea will probably be moot and were headed back to 400
Also worth noting is 395$ is the new Resistance of that channel so us closing below 395 means a close back inside this channel which is bearish..
Let's see what happens tomorrow
Using the high of 408.71
and the low 350.32
I came up with Fibonacci levels. the nearest level would be .236 (394.93) .. below that I have highlighted with white lines. the last 30min we struggled around this area.
The Head and shoulder neckline is at 396.50 , if we gap up over that number this short idea will probably be moot and were headed back to 400
Also worth noting is 395$ is the new Resistance of that channel so us closing below 395 means a close back inside this channel which is bearish..
Let's see what happens tomorrow
