Hi RJ.
I don’t know if 12.5 is more likely to be" the" low than any other low but it is a significant point of interest on my charts for a number of reasons & in the main reflect my projections & calculations which I show on my charts. (no they are not just randomly placed lines)
This shakeout currently underway was apparent on the daily last week & reflected the likely hood of it coming to pass on the weekly so has come as no surprise.
If 12.5 manages to hold up then well and good.
If it fails then we will be looking at 10.5 - 11 as the initial downside target.
From a technical perspective it would be better if 12.5 is the capitulation point and a rally starts from there.
As I said in my weekly post though, I think we are in danger of the mm's using their clout to take it down lower.
I am confident in management to do what they say they are going to do but imo they are losing credibility the longer we wait.
I am starting to understand how the Romans felt.
