We have been down seven days now. We have been down -4.87%……665 points. Since the New Year, we are down -2.73% with 365 points. Not a impressive start.
For the bears to continue their push down and make the down move a trend a bullish pull back needs to occur. Therefore, we are going to look for a bearish play assuming a bullish pull back move.
On the charts, I have shown two possible entry points. At one of the prices, the bullish pull back should end and a bearish continuation trend should start. The red line is the stop.
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