The market soared about four times from the beginning of this year to now, but the price dropped about 30% in past 3 days.
Maybe the short-term top formed.
Where will the market drop and where is good to buy again?
1600-1640 may be a good zone to buy and reasons are as follows:
1.The 0.618RET of the rise from 891 to 2760 locates at 1605 level;
2.The 2.618REXT of the rally from 2221 to 2259 locates at 1609 level;
3.The support line works at about 1630 level;
4.A good Demand Zone also works at 1600-1640.
So it is good to buy at 1600-1640 when price action gives signals in the PRZ.
SL:below 1500
TP1:2058
TP2:2277 and further more
Maybe the short-term top formed.
Where will the market drop and where is good to buy again?
1600-1640 may be a good zone to buy and reasons are as follows:
1.The 0.618RET of the rise from 891 to 2760 locates at 1605 level;
2.The 2.618REXT of the rally from 2221 to 2259 locates at 1609 level;
3.The support line works at about 1630 level;
4.A good Demand Zone also works at 1600-1640.
So it is good to buy at 1600-1640 when price action gives signals in the PRZ.
SL:below 1500
TP1:2058
TP2:2277 and further more
Comment:
The market soared and the chance was not given.
