I mentioned yesterday that there were likely a large number of stops sitting just below the 50 Fib at 1216.50, see here. These stops were taken out during the NY session with the market falling 100 ticks before profit taking kicked in, the next support level to keep a close eye on is the 61.8 fib at 1198.86.
Intraday players continue to sell against the 1:1 (Blue) at 1210.30 as long as the market stays below this level look for the overnight low to be tested in the coming sessions. However a break above this level will see some sharp short covering take place.
* A 1:1 refers to a current correction being equal in length to a prior correction
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