The unexpected move up and above the long term down trend channel seems more and more like a fakeout. It has also opened up a new CME gap as highlighted in light blue. In addition, we still have the green CME gap to close aswell. Both gaps will be closed by June 30, so we have 2 weeks to clear them. SHORT!
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Note: Based on the long term .382 fib retracement we could still see a wick up as high as 9520 - so something to be mindful of when shorting from this level.
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Break down and retest of the dotted white ascending wedge looks set to take us down to clear our first CME gap within the next day or two.
