Yesterday, we drew a red line indicating the current support around the 2027-2030. Well, overnight, we dropped from the 2044 region down to 2030 to test that support. News headlines talked about the terrorist attacks in Brussels.
All we care is that the support level got tested and it held. We got some indication that this area was holding based on the price action in the first 30 minutes of today’s trading day.
We are now approaching the pink “5?” that we put in the chart from yesterday.
It’s possible that “5” has already been hit at 2047 – and we are beginning our way down. It’s also possible that it hasn’t hit. So I have to be open to both possibilities with a slight inclination that 5 may hit overnight.