Are we going to go Down?, page-34

I would qualify that whether it could be a ST retracement to fill the gap or a broader sell off. you are right - the possibility if a pull back is higher than a pushup in the absence of an announcement. however looking at the progress from a trend line perspective, it needs to hold this levels as a breach below mid 7s will be problematic. a ST dip intra day is OK if support is confirmed if not it will stimulate sellers to protect capital. in channel trading this is the lower band before the previous channel is re-entered. so look for support at mid 7s.