Short stops tightened. Dump should be due now.

Stops on shorts to above recent high - waiting to see if we break.

See first:

The general move we’d look for in the 86 retracement is a strong move up that stalls out and goes into a range. Looking at the daily chart the momentum clearly died at this level.

The head and shoulders has further developed. A successful head and shoulders would be due to break now and drop to 4500 area.

Head and shoulders works about 30% of the time. In the times it fails there is usually a strong move up. Risk reduced on shorts now with stops right above recent highs. Pending orders to go long with stops 4577 if the highs break.

Bias is strongly towards a down-move as we currently are. Big target area at 4500. Possible range and flush lower from there to 4300 area. Potential buy levels at 4480 and around 4300. We’ll look into these in more detail if we get close to 4500. Usually we’d go sideways for a while and have some time for updates.

I feel like we’re close to a break now. Positioned for the break down with orders set to auto flip bull if we break up.

Very risky spot for bulls. I’d have bull stops at 4560 or so here if long. Liable to get (Short term) rugged under there.