When was still April I set this bearish target of 5.2K you can see below on related ideas "Battle for 7.8K" and market make lots of swings and finally hit it and break it down immediately so I need to get back to the broader picture with circles coming from the ATH so after many many harmonics getting broken we can figure out where is this rabbit hole ending.
Looking from ATH with everything already behind the nearest close target is on 1.618 circle fib, the bigger blue one.
If you like my charts please show some sort of support
Looking from ATH with everything already behind the nearest close target is on 1.618 circle fib, the bigger blue one.
If you like my charts please show some sort of support
Comment:
5.1K already got a hit before hitting the 1.618 circle fib, so that harmonic might not be the main one. I just traced another one with deeper bottom, you need to use your risk management to approach waves of new incoming bottoms. Spot market is a little bit oversold with margin market with it's double bottom on the past, so reversal or rebound is very close to happen:
Comment:
4.9K got a hit:
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Another strong break down:
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Interesting harmonic market stopped for a while it's downtrend. It's pretty much dangerous to short an year long low, always use stops and set your risk management. For those looking for mid-term positions it is better not to wait too much or you will miss the bus:
