Whilst the weekly chart pattern still looks to complete at the AB = CD target of 84.66 ( using Axi Trader chart), the Daily chart currently presents with a Bearish Bat pattern - Maximum point D value is 84.82. I will be watching the close of today's candle on the 50 line of the Marabuzo candle at 83.325 for immediate direction as to whether price begins a retracement of this rally or we have one further crack at the target.
Should we see a Daily close under the 50 line, immediate support comes in at 23.6% Fib and previous 50 line at 82.00. As was the case last year expect the retracement to be aggressive and rapid.
Update - Still favour further upside whilst 83.325 holds on a Daily closing basis. Short below.
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