Good morning guys, hope you have all had a great weekend.
As we can see price failed to close above the monthly key level which could indicate bears stepping back into the market.
I will be looking to short and hold a swing position all the way down to the 1585 level which perfectly lines up with our trendline and the monthly supply and the 200 SMA. I will of course be adding a lot of positions should price move in my favoured direction.
I took a small profit on a long position from the last bottom this morning, but this could still go either way.
The last bottom was a 62% fib retracement plus on a daily it looks like a small inverse head and shoulders.
I am going to wait this out now and see which way it goes