Swing high fractal made last Wednesday. Price has traded down to 5580. May be looking for an OTE level of 5466 to 5379. 4 hour support at about the 5450 level which is close to the actual OTE level of 5420. Price may trade up to 5600 or 5630 before moving south if it is going to hit the OTE levels.
Market flow is short. Right now my bias is bearish but only for about the next 100-200 pips.
Fiber
Last fractal was a swing high and market flow is short so I have short bias on the fiber. Using the same logic above price may be reaching for the 2460-2380 levels. OTE is right at 2422 and we have support drawn from the daily chart at 2450 price may be reaching for. That's only 100 pips below Friday's close of 2566 so it wouldn't take long to get there. Have to consider the possibility that they may be reaching for May lows to take out any stops before reversing too.
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