---- From professional traders' view
The break of the upper level flag took short-term momentum out of the rally. When you trade for momentum, you need to act quick and take losses once that momentum leaves. IF you are holding longer-term for a macro move, the overall pattern is still intact for higher prices, but will take more time. This headline driven market is frustrating a lot of traders as there is no follow through. It is a very choppy, dangerous environment right now. 1225 is the 38.2% fibonacci retracement level. 1213 is the 50% retracement level.
The break of the upper level flag took short-term momentum out of the rally. When you trade for momentum, you need to act quick and take losses once that momentum leaves. IF you are holding longer-term for a macro move, the overall pattern is still intact for higher prices, but will take more time. This headline driven market is frustrating a lot of traders as there is no follow through. It is a very choppy, dangerous environment right now. 1225 is the 38.2% fibonacci retracement level. 1213 is the 50% retracement level.
