DislikedMike right below where it is trading currently there is resistance turned support right @ 229.63 which is has bounced off of 3 times now and stuck around this area. . . Price action leads me to believe that before this session is over we will hit the top of the resitance level GJ is in, top @ 230.69 or it will hit the 50% fib @ 231.57, then reverse/retrace whatever. . .lol!
If it bounces off the 229.63 again that will validate what I'm seeing, however if it make it through it will see 229 area and I believe that will be the retrace for the next leg up @ 50% fib. . .
Just my thoughts. . .Ignored
I am actually still unsure of trading right now because of that monstrous bar on the last 4 hour. Those sort of toy with my thoughts a little as I think we would need some type of a retracement from here maybe even down to the 228's. I could see that as a reality as well, because the 4 hour chart, if it closes lower, would close as a double high lower close- this would indicate more downwards movement. Although I can't really see too much as buyers become aware of what has happened with the fed pushing paper.
Good stuff Quecee!
I dream, therefore I become.