Price has moved correctively up into the .618 golden pocket retrace at the same time the announcement that 1st quarter GDP has reduced by 4.8% with fears that next quarter will be 30-40%, ending the longest bull run since the Great Depression.
Trade active
Entered short at 2932.Note
Trade is lookng good. Price action rattled around the golden pocket and popped above briefly to stop out shorts and then has dropped out of the ascending channel. I'm now looking for price to retrace and test the .618 as resistance around 2932 before resuming the descent.
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Disclaimer
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.