The day after my last post was Election Day in USA. On the Election Day we had a strong move up with some kind of expectation in Romney (somehow people thought that he could change something). Well that wasn't the case. Obama won the presidential run and on Wednesday we had a sell off.
All of this is very interesting, even more if you take a look at the 50% retracement that was drawn on the fibo that I've plotted on the IBOVESPA chart.
Actually these tests on retracement lines kind of make me more confident about this fibo. Each day I believe more that this is the target before a long bull trend, in my opinion.
If market breaks down through 56,900 tomorrow it will be even easier.
Have a nice trade!