Although I'm officially on holidays, I happened to peek at the markets this morning and have noted the lack of interest/strength on the buying side of YM, ES, NQ & TF so far this week. In my post on May 15 (Fibs & Fibs) I outlined potential Fibonacci confluence zones to the upside and the downside for the TF. As a reminder I'm mentioning the downside confluence target again of 800ish. That level would complete a downside Wave 3 pattern and possibly provide interim support for a Wave 4 rally...however, should a Wave 5 pattern subsequently ensue, then the next support level of 760ish could be in the cards. The 4-hour chart below shows these levels.
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