"Good morning! As of August 4th, there is no significant difference compared to the last session. However, the global market sentiment is slightly positive (based on the Dow Jones alone), and the market trend is bearish. There is a possibility of opening with a neutral to slight gap-up. Afterward, if the initial market breaks the previous day's closing price, it will reach the 38% Fib level. This level acts as a strong resistance, so there might be a rejection here. We can expect a continuation of the pullback only if the market breaks the 38% Fib level.
On the other hand, if the initial market experiences sharp declines, we can anticipate a continuation of corrections with minor pullbacks, but it should break the previous day's low."
On the other hand, if the initial market experiences sharp declines, we can anticipate a continuation of corrections with minor pullbacks, but it should break the previous day's low."