I think there is a lot of buying power below the low that's been made i.e. lots of Fib support, and I don't think there is much left on the downside even if it did break lower.
Note
Can the market move $600 in 15 minutes before midnight GMT?Note
Note drawing of second "E" not accurate and two options:Drop of first "E" $11,065 - $ 10,210 = $855. Therefore drop of second "E" is real rise of "B" to $9,177 - $855 = $8,322. Alternatively, rise of first "B" was $11,065 - $9,280 = $1,785. Therefore, theoretical rise of second "B" was $7,240 + $1,785 = $9,025. Then theoretically second drop "E" $9,025 - $855 = $8,170.
Hope that's now clear. My math has been terrible recently. Must use a calculator.
Note
In my latest postings I've identified new big downside risks. Maybe I should also note that bounce after "E" last time was beginning of new month and we have not reached end of March yet.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.