US2000 Retraces to 76.4% Fibonacci on Daily

Russell Shor, CFTe, MFTA FXCM

The below is the daily chart of the US2000. Further to yesterday’s article, the small-caps index has retraced to the 76.4% Fibonacci level of its previous impulse move, which is acting as support. Yesterday’s candle may be a bullish reference candle (blue arrow). I.e. a candle with a higher low to either side of it. If today’s candle can close above yesterday’s high (green horizontal) it will give weight to the bullish reference candle scenario. However, for the US2000 to make real inroads higher, the RSI(9) must cross above 50 which is the bullish side of the indicator.

Past performance is not an indicator of future results.

CHART SOURCE: FXCM MARKETSCOPE 2.0

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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