14150

Morning folks,

So, stimulus euphoria totally has erased short-term bearish context. Still, this is fragile foundation because if something will go wrong, rally easily could be reversed. Anyway, currently we have the new background. As you can see, our "222" Sell has shifted into butterfly that already has hit the first, 1.27 extension. As price stands at overbought, we suggest short-term tactic retracement to 12.46 - 12K levels. Then, theoretically, upside action should continue to next, 1.618 extension of 14.15K area. BTW, this target almost coincides with our long-term weekly AB=CD 14.5K...

It means, that bulls should wait for small tactical pullback and then consider long entry.