If you are a long term investor I hope you used the panic to top up your holdings. If you are a momentum trader you still have the opportunity to ride the bounce or accumulate your position a bit later. Possible scenario for BIDU but all names have something similar is as follows.
I treat that panic as an exhaustion and behavioural pattern confirms that so I consider the worst is over.
Personally, I played that dangerously catching falling knives and loosing hairs so my words bring some sort of hope, but from technical perspective the situation is as follows.
Another option is to treat the current leg up as a retest of the previous support but usually when you have seen that sort of panic and all the papers writing the same thing - it is just over.
I expect some turbulence at this resistance since bears will try to play down the move but final move is gonna be UP.
Order cancelled
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I jumped over myself and the analysis and paid for that nicely :( I had to wait for the confirmation. I was totally wrong.
Cheers for taking responsibility, I appreciate it much and i thought the same and did the same mistake so we need to learn from it.
crazywlst
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@LiranEn, thanks for comments, yes and no, sometimes you could be dead right but outcome was not good. I double checked my decision-making process, it is still valid, so good decisions do not lead to the best outcomes as well as bad decisions with the good one are sometimes no more than just a luck. So in those circumstances our view was valid but circumstances changed. It happens. It is all about probability ... and luck :)