There was little selling volume after opening today, I previously posted that I expected a drop to 2500. After watching the Dollar Index (negatively correlated) and the general US stock market (positive correlation) there is a slow approach to selling, maybe it was in fact that everyone sold off on Thursday, so we can expect moderate upside pressure for the short term.

The two drops have lined up as a 1:1 match in the fib time extension. The price is testing short term resistance @2700 as I am typing, I don’t believe that we will see a drop of remarkable magnitude in the near future, as there is little pressure present to press it down into extremes on the weekly time frame.

Likely the nearest event will be a negotiation of the dashed white and red line, discounting rejection which will be countered by the uptrend resistance, and then an approach towards the 2760. Rejection that relies on capitulation requires there to be capitulaters which it doesn’t seem there are any online.

The RSI has a huge bullish conversion and the ADX seems to be coming to a weak inversion.