How is the market going to react AFTER the FED decision?
Wave ii of the down impulse move of wave (v) completed yesterday, as it created a higher high in at the $11,550 level.
Unlike last week, the low optimism of investors in reflected in the market through the sharp declines towards the end of the sessions. Technically speaking, we are focused on the $11,480-$11,550 resistance area that can establish a strong border between the uptrend or the downtrend that is due to come. The first strong support is set at $11,270 level (wave 4 through) and it is shortly followed by the $11,140 area.
VERY IMPORTANT: today at 14:15 ET the FED will announce their decisions regarding a future “rescue” plan. This will provide high volatility in the markets and could breach the above mentioned resistance. However, the market direction after the news will have the most important “word” to say.
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