The failure to breach 1800 has resulted in many short term orientated traders closing their long positions, as we warned would happen. The warning signs were clear and obvious - a couple of "shooting star" candlesticks on the daily chart, a big bearish divergence on the daily RSI and a break of both uptrend lines.
We were positioned for the sell off, closing our short position at 1736 for a profit of $36 on Monday.
Today's video looks at our strategy for our next trade, which is clear to us from the charts and recent price action.