Target hit. Retrace is more likely. Short.

The 75.00 Target was hit as the 4H Channel Up peaked at 75.27 but naturally couldn't carry the overbought load of 1D and pulled back on an Engulfing bearish candle. Our previous entry * 72.75, rejected the first selling wave, indicating that it is now a strong support. Due to that support the 4H Channel Up remains valid (RSI * 56.410, MACD * 1.080) but naturally neutral (on STOCH, CCI, Highs/Lows) and the expectation is that it will break the sideways range (72.80 - 74.30) in an effort to completely overcome the remaining overbought 1D indicators (STOCH, STOCHRSI, Williams, Ultimate Oscillator). We have 3 short targets: 72.86, 71.88 and finally 70.60 (0.382 Fibonacci retracement).