The bounce due to the bullish divergence between price and the RSI at the August 21 low is over of course. The chart remains bearish.
Price has now entered the SLOT (the 50-78.6% retracement area which I have drawn as a box on today’s chart). This is the area where we should assume that support will hold as price pulls back from a new high. The TD Trend Factor target (purple line at 1614.62) aligns well with the 61.8% Fibonacci retracement and is below the Beta-X trendline (in orange). A close beneath this trendline will significantly raise the chances that the trending impulse pattern from last November is complete.
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