We are currently under the 23.6 retracement level and looking like we will be going into consolidation soon. If we can’t break back above that level, we will most likely start retracing down to the 50K trigger point and possibly below but not by much. I remember there being some old consolidation lines just below that point and we currently have the Fib 50% retracement level just below 50K which should also act as support in that area.

While we were still above the consolidation, I was hoping we would stay there as it would make for a much better position for a Bull Run breakout, but that didn’t happen and now we wait on Friday’s prediction of the Bearish breakout dropping the price to the 50K levels. However, we are finding some support at the

That said, the 23.6 retracement level and the consolidation line are holding as resistance but we are testing that as I write this and don’t really have the volume to push through at this point. Volume levels are looking very weak right now but as we all know that could change at the drop of a hat…however, I don’t expect that to happen until later today or tonight as I am still looking for a Bearish price movement before we get back to the Bull Run.