We are trading close the bottom of the recent trading range today.
Firm confirmation of the next trend will come when we see a close either under 5860 or above 6055.
We have a target at 5922 this morning which we can trade. Given the recent range this will most likely fill but I will use the 5 or 10 min bar as confirmation. The reason for this is:
The RSI on the daily chart is looking very negative and well under 50
We now have 2 days closing under the 50 day moving average.
We break 5860 and the market could collapse very quickly.
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