An Updated Version. 

 

In the previous review, we see sharp push all the way up towards the Golden Ratio Area and see some rejection. I mentioned that if prices are able to close above the 1.618 Area then there's a possibility that the rally will continue. However, prices could not close above that area, hence confirmed that the 1.618 will be the strongest resistance for the short term or maybe even mid term. 

 

Fast forward today, we see some heavy selling at the 1.618 Triangle, at the same time we see a previous resistance turn support area, tested once, a potential support zone. Now, prices are in the mini ranging area where it is very obvious that the bankers are now slowly distributing their shares and taking profits. However, bankers taking profits does not mean the trend is over, bankers can take profits for various reasons, the confirmation that the bankers are out is when prices breaks below the support zone.

 

Industry: Industrial Products & Services.