July 23 2019 Daily Analysis
This first leg of the bull run, lasting 85 days, has already seen a 50% retracement. Expecting the complete retracement to take roughly half to two thirds of the time (~40-50 days), and most likely kiss the golden retracement (.618) at 7800. This target has confluence with CME gap closing, and more importantly, bring us down to confirm the major support structure built in May.
CAVEAT: confidence level is still only 65%, as a 50% is a nice retracement already, and this could easily be a bear trap. Any daily close above 11.1K invalidates this projection.
CAVEAT: confidence level is still only 65%, as a 50% is a nice retracement already, and this could easily be a bear trap. Any daily close above 11.1K invalidates this projection.
Note
A daily close under 9.4k would increase confidence to 75%.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.