As previously expected, a lower low has been achieved.
What was not expected was the speed, magnitude and extent of the fallout.
Next up, since it is about 3.5 Standard Deviations out, we can start looking for a consolidation, although there might be slightly more downside and we need a higher low in the expected range within box. Having said that, it is possible to see it overextend downwards briefly.
There is a long term support, Fibonacci downside target zone just below.
So expecting a short term bounce between Monday to Wednesday at the earliest, and following that a consolidation area formation.
What was not expected was the speed, magnitude and extent of the fallout.
Next up, since it is about 3.5 Standard Deviations out, we can start looking for a consolidation, although there might be slightly more downside and we need a higher low in the expected range within box. Having said that, it is possible to see it overextend downwards briefly.
There is a long term support, Fibonacci downside target zone just below.
So expecting a short term bounce between Monday to Wednesday at the earliest, and following that a consolidation area formation.
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Related publications
Disclaimer
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.