The ABC correction from the 305 top has finished off exactly as predicted, see chart. After the bottom of C, the downtrend resumed and touched down on the (minor) 266 support. Of course a rebound was to be expected as prices don't move straight down or up.
Now we are looking at a bearish wedge forming with a possible break down sometime tomorrow, or wednesday at the latest. The breakdown will take us down to the previous low of 255-258.
At this moment it is becoming more and more dangerous to short this market, even though there is a possibility of a flash crash to the lower 200's. Either way, we are approaching bottom, meaning despair phase will kick in and shortly after this we might see some pretty amazing action towards the upside.
Guys this looks pretty bad. The rebound is very weak and there is still big selling pressure. I wouldn't be suprised if we would visit the lower 100's, even if for a small time frame.
moker-X
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Quick dip sub 200 then the bottom will be in........
moker-X
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This thing is going to 200.
moker-X
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Possible flashcrash coming in the next 48 hours. Watch out, if you don't know what you are doing stay out or you will get burned.
moker-X
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Mayday, mayday, going down
moker-X
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Looks like buying pressure is drying up... I think scenario 1 is going to play out, there is not enough steam for another push to 275.