Why the range 1040-1080 is so important.
If you run a Fib retracement between the linger term Fib lines of 1014 and 1121 you can get an explanation of the latest price movements:
1080 and above is top third
1067 is the middle
1040 and below is lower third
Remember sideways action is also consolodation and can be viewed as Bullish.
Bottom line it is dangerous to get outright short until 1040 is solidly broken and even then suppot lies very close at 1014.
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