Tactical pause is necessary

12 de fev.

Morning folks,

So, 47.2K target is also completed. The next one is 50.50-52K, which is a big monthly cluster, including upside weekly XOP target, our XOP here, from reverse H&S target that we're trading now (it stands around 50.50K), Yearly Pivot Resistance 1.

But for now it seems market needs some tactical pause. Now major 5/8 monthly Fib resistance is hit, and price is overbought on daily chart. Thus, appearing of small 1H H&S pattern could trigger tactical natural pullback before market will proceed to the next target