WOW!! What an impressive rally!!! Err, on second though, not really, at least not at this point. Essentially, all we have so far is a run-of-the-mill counter-trend bounce that has taken the following key indexes & sectors back to the lower-end of a typical retracement of the most recent legs down from last Wednesday's highs. Does that mean that the markets must stop here & can't go any higher? Of course not. Do I think they will? Probably not. Either way, here are some 60-minute charts with the Fibonacci retracement levels circled on the left margin of each chart:
Post Brexit Fibonacci Retracements
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