The Med-term direction is suggesting lower levels, though we are seeing some good two way trading opportunities for intraday traders .
We can see by the chart below that downside is still favorable, yet it is not all one way traffic .
A zoomed in view below shows the fight taking place at recent levels. My short trade posted earlier this week (red arrow) performed well and I got another bite of the cherry with a rinse – repeat trade close to the 38.2% (magenta line) of the October lows – November highs. The level to beat near term for further downside is the 78.6 of the same swing .
(Being challenged again as I write ).
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