Trend = bearish
PHASE 4
Prolonged impulse- This week it was very clear : bears are still in power. We didn't respect the weekly shoulder level @ 3.45T and continued further down towards the weekly head level @ 3.12T If we look at the fib level -0.68, this has confluence with the swing low of the head.
- In order to change the bias to bullish, we need to see the index slow down at this level and preferably change direction on the lower timeframes