What a strange day, eh? After the FOMC announcement, I was excited that we might actually have a big red day, but it wasn’t.
What I can say, however, is that there do appear to be some fairly significant factors around the Fibonacci Retracement that act as a lure/support/resistance. Here is the weekly chart:
Specifically, the level in question is 4245, which has been quite a “draw” for price action in recent weeks.
If you don’t think it’s important that something as sketchy as a weekly chart, where the anchors are actually years apart, I bring you this minute bar chart in action today.
So yeah, it’s heartbreaking, but at least we have some idea of where that support comes from.
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