Good morning Traders!
US100
The market is in an uptrend on the Daily and the Weekly timeframes, and it is currently overextended from it’s Moving Averages on these timeframes.
Drawing the Fibonacci retracement of the latest Daily move, has the 61.8% retracement clustering nicely with the previous Daily Swing High and an area of price consolidation.
I am looking for a pullback to this consolidation area, and for signs that the pullback is over in the form of a reversal setup.
Keeping in mind that if and when the market will pullback from this current point, it will be another touch and a reaction to the upper resistance level at the 15,260 area.
Happy Trading!
