Bulls must defend each level of the Fibonacci Ext, otherwise the Bears will tear them down and throw them into the deep abyss.
Look for the possible bounces at the Fib level. Just be cautious as we are in a downtrend.
The bright side is that prices will be at a bargain. For those waiting to get in at low prices, this might be the start of the sell offs when price breaks the bottom support line at $8,850.
Patience, Patience, Patience - that's the name of the trading game.
Remember to always, always place your stops at the appropriate levels once you've put in your trades.
Happy Trading Everyone.
Ron
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Price is still ranging at the 0.236 Fibonacci level and has the potential to launch from this level. Accumulation phase is almost complete. Bullish signals are firing now.