The Chart is setting up for a support reaction off of the 50% level. This Gann /Fib level is backed by the breakage of the up trend line off the two main lows. Another reason why this retracement level may find a reaction,,, on Nov 4th the high was put in, if you draw a vertical line down to the up trend line, it points to support just under the 50% level at approximately 13040 level. It's amazing how many traders put a stop just under or over the 50% without doing some other math to back it up. The trend is down, so it would be wise to wait for a swing or trend line break on a 15 or 30 minute chart to go long. "In this era of computers and quant traders one must always be aware of where the stop-loss orders maybe placed and be the hunter not the prey."
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Using WD Gann Methodology
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