We hit near enough the exact 76.4 Fib, reaching 11246 with this level being 11278...Now the retreat from these higher levels have eased the shot term charts....However med term charts are beginning to turn negative..so this must be watch over this coming week.
We have the daily pivot at 11208 and whilst we are below here there is scope for the market to pullback even further.
Below 11109 is your fist clue that the market un in trouble and that it will fall..we would be looking at 11035/30 then as a targeted area....Cover all shorts to here..We want to re-instate further shorts below 10993...A loss of this support keep the pressure to the downside.
Now if we can hold 11093 and try for the daily pivot at 11208 and break it will be seen as a sign of strength and 112.45/50 would be the next objective.
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