1 min read



The move above the 1895.00 long term swing point fell short of 61.8% at 1972.00, however it did trade through that same retracement on the Nearby chart, this level was 1950.00. Using the 61.8% rule, we should look for a move back to 61.8% of where it came from and this would be 1842.00. As always we will watch all the retracements on any setback. The long term swing point remains at 1895.00 and this area is even more important now, because 1890.00 is 38.2% of the current rally. Provided the setback holds this area the current uptrend stays positive and since they have already reacted from 61.8% (Nearby Chart) the next upside target will be 2029.00, this is 78.6% back to the all-time high. There is also a major Gann square at 2020.00. You still have to watch how they trade at 1972.00 (61.8%). A spike above it and closing below it, would be considered a sell signal and the high that day would be the risk.

I also attached the secondary Gann square chart for support and resistance in between these major levels

GCG21 hourly