Mid Week Review

Fibonacci Retracement lines act as support when measured against the major trend and represent an area of approximately 1/3 to 2/3 of the previous wave. When measured as a percent of the previous wave the Fibonacci Retracement lines are 38.2% 115.40 (green line), 50.0% 113.35 (blue line), and 61.8% 111.29 (red line) when measured from the February low to the April high. Should we have a close below the red line this pull back would be considered a failure and we could expect to go lower in my opinion. Sentiment remains bearish. Click on chart to enlarge.