4 Ideas on Where the Bulltrap Ends

Today we had another rejection off the 275 area, just shy of the 0.618 fib retracement level, and a potential double top pattern is now forming here. However, given that the previous double top pattern at 263 led to a bullish continuation pattern, I could potentially see the 0.618 fib being broken after a run-up from the lower trend line support. This would extend the bull trap, shaking off even more shorts, bring us up to the 0.768 fib retracement level. This area is a key area for a sell-off and trend reversal.