Just a quick update as to why 1488-89 level is significant.
- It marks a w.c=w.a move from 1530 top at 1489.50 however, IMO the count (not shown appears incomplete suggesting more downside risk.
- It is in agreement with 1488 fib
- It was also a previous extension from 1340.25 to 1466 measure from 1382.25 ( often fibs are revisited)
A significant break of this level either in the ON session or early tomorrow would possibly open the door to lower price discovery. There are a few single support nodes at 1473.50 and 1478 but the real test if market participants are so include is at previous structural support (horizontal cyan line) and the 1.618 extension show at 1467.75.
Let's see what develops.
Best of Trading
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Early morning price action was choppy suggesting rise from 1481.75 was corrective
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