The fall from the right hand shoulder peak at just below the
next long trigger at 7425 has been greater than expected for
sure. Any stops under buy orders at 7250 have been blown
away. Not good. Any day-trading profits from upside earlier to
4725 neck line now reducedby the bad recent long if buy
orders at 7300 were implemented creating a 60 point or so
loss. Bad one. Sorry.
So now it's flipping around below resistance at 7260-7280 and
whilst unable to break above here 7280 and hold it's still
vulnerable to more selling pressure.
We can easily come back to 7135 and 7077 again if 2780 keeps
stopping rally attempts from here. Pattern not good in near
term..a break below 7200 triggering that next decline to 7135
and then, if this fails back to 7077.
The day belongs to day-traders so far: would rather play short side for now...