Bear Levels Fail and Hold Retest. Plans for Rally.
Sharp spike looks more likely now.
The breaking of the 86 fib triggered trailing stops on shorts.
Sharp sell off from the high but very quick bounce back.
I’d be a far happier buyer a bit lower but the recent action makes the bear case indefensible at the current time. The main criteria we were looking for was a convincing bear trap. A more natural seeming support was closer to 4800 but…
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