Around 4800 I said I thought if there's a spike out before a bear move it's likely to go to around 5200.
We've traded a little over that, had a strong sell off from just above it and now we're retesting it.
If the original thesis proves to be correct, 5200 area will be an important high and we'll see a stronger rejection on the retest.
Here's an Elliot wave trade plan based on the assumption this rally will reject and we've formed a big wave 2 - heading into the stronger part of the downtrend.
Invalid if there's a break above previous highs.
We've traded a little over that, had a strong sell off from just above it and now we're retesting it.
If the original thesis proves to be correct, 5200 area will be an important high and we'll see a stronger rejection on the retest.
Here's an Elliot wave trade plan based on the assumption this rally will reject and we've formed a big wave 2 - heading into the stronger part of the downtrend.
Invalid if there's a break above previous highs.
