After today’s action I am strongly convinced, that 1061 level has marked a top for the coming month.
Check out the charts below:
For the short case to be valid, we need to hold below 1055, otherwise today’s retrace might be interpreted as a pullback before another runup to 1080 level. The only thing that makes this possibility look weak, is the speed of the pullback.
My suggestion is to enter short here at ~1050. Use a 5-6 pts. stop. if we break above 1056, reverse your position from short to long, with a 20 pts. target. On the other hand, if we continue lower, scale 1/2 of your position out at 1015-1017 and drive another half all the way down to 990.
