After taking a few losses trying to buy pullbacks, I had to take another step back and reevaluate my analysis. What I am now seeing is that price is mean reverting around November's FOMC level and December's NFP was used as the start of the down move.
Every single retracement this year has been roughly 3.5-4%. A 4% retracement will close the gap on the daily chart.
Using a measured move of the Mean (November's FOMC), the projected down move should retrace back to 42,700. This will take out the low and retrace back into the election candle's 50-66% level. This will be my next area of Support I will be paying attention to.
To me, this looks like one giant range forming between 42,700-45-200.
Every single retracement this year has been roughly 3.5-4%. A 4% retracement will close the gap on the daily chart.
Using a measured move of the Mean (November's FOMC), the projected down move should retrace back to 42,700. This will take out the low and retrace back into the election candle's 50-66% level. This will be my next area of Support I will be paying attention to.
To me, this looks like one giant range forming between 42,700-45-200.
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