If we follow Elliot Wave impulse theory, and we are retracing wave 2, this wave would have bottomed out at 8212. We are at 7950. Yikes. 7250 is the next fib support however we found hard support on wave 1 on the 7800 line. This may be enough, but it's been a fast downward spiral. If volume picks up then this may become the new support. Previously, a sub 300m volume stayed on the 7600-7800 line before jumping over 8k.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.