AJ had been in a consolidation for most of 2014, with support at 91.00.
At the end of last week price broke through the support level at 91.00.
For the most part of this week price has retraced the move back to 91.00.
Chart below:
The retracement also coincides with the 61.8% Fibonacci level of the downward move.
This is a good place to look for shorts.
Once my averages have crossed over I will be looking to enter short after a pull back.
Chart below:
The targets for this position are as follows.
T1: 86.00
T2: 81.50
T3: 75.00
Once the averages have crossed and the pull back is taking place, I will post again with my entry and stop loss levels.
Have a great day.
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