How Low Will it Go?
Updated
Maybe halfway down the flagpole. Had a pennant form around 4700, usually a continuation pattern.
Might get another waterfall straight off, or a B wave and then lower. 50 DMA likely target for support.
Be Real Carefull about Buyin this Dip, these dots may not be done dippin. A bounce is certainly possible before lower, wouldn't bet on it.
We had two weak bounces, failed rallies on 1/6, 1/7 suggesting there just might not be much bounce in this Tigger.
There is a definite impulsive EW pattern in the downtrend suggesting it may bounce first and then rollover again.
(Not shown, see it better in smaller timeframe.) A pivot reversal will appear within a few sessions IMO, leading to a right shoulder.
Not investing advice; trade at your own risk! GLTA!!
Might get another waterfall straight off, or a B wave and then lower. 50 DMA likely target for support.
Be Real Carefull about Buyin this Dip, these dots may not be done dippin. A bounce is certainly possible before lower, wouldn't bet on it.
We had two weak bounces, failed rallies on 1/6, 1/7 suggesting there just might not be much bounce in this Tigger.
There is a definite impulsive EW pattern in the downtrend suggesting it may bounce first and then rollover again.
(Not shown, see it better in smaller timeframe.) A pivot reversal will appear within a few sessions IMO, leading to a right shoulder.
Not investing advice; trade at your own risk! GLTA!!
Note
Yeah, here we are, and a gap to fill above, hmm!Note
Gonna bounce from 50 DMA IMONote
Made bank from the bounce; DO NOT CHASE IMO; likely to get a secondary sell, re-test. It MIGHT GAP UP Tues; hold a few calls O/N if you are bold!Trade closed: stop reached
Aiaiaiai she broke... all bets off, if it bounces, expect rejection under tl and a fierce waterfall thereafter.Entering bear market imo, see Wyckoff distribution.
For once I didn't buy calls on the way down. Bought some puts, closed early, kept expecting bounce on gapfill. Astounding reversal.
Note
Danger in drawing these charts is creating an expectation; when it does otherwise, you can get hammered. Speaking of hammers, see if we get one Friday.Note
Looks like an impulsive move and this is the 3rd EW. By alternating rule of EWs, since 2 was vigorous and carried to the .62 Fibo retracement, 4 will be weak and likely about or less than 0.38 Fibo. Wouldn't even try to get long in it, just pick a short entry for the fifth down.Note
Revisiting this idea look at that lower double top, ominous IMO.... have a look at Dec 2018!
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