You can see this week we bounced off the weekly 25% fib of 2724 reaching lows of 2736. Good bounce higher and Friday we exceeded 2870 leaving 2895/2901 targeted, with the market reaching 2896.
For this coming week, you should see initially a move lower to ease the short term oversold conditions of the charts. However once retracement has taken place there is nothing really to stop this coming back higher, breaking 2901 leaving 2933 the 75% med term fib level targeted. Here there should be selling pressure. It is unlikely to yield first attempt. However, buyers will be lurking on dips or they will look to bust above 2953 which is then expected to keep the pressure to the topside with 3003 then the immediate objective. If we break this region buyers will be expected to take this higher for 3044 which was the previous highs.
Back through 2856 leaves further downside exposed for 2807/2796 where once more buyers will be looking to act.
