In addition to my previous idea posted yesterday, this is what I will be eye'ing as possibilities if we do indeed fail the weekly 50 MA as we are retesting the MA from underneath currently. We shall know something once this weekly candle closes on Sunday.
I think over a 3 week span, we drop to a possible $5,000 near mid December. This touches the 200 weekly MA and is also the point of the larger triangle formed from the two rally peaks and lows. Depending on how the market looks at that point, there's a good chance a relief rally or bigger occurs from this bottom.
Either it bounces back up hard to retest the 50 weekly MA again over the next month(s) or it kind of dribbles & bounces along the top of the 200 weekly MA leading to a possible "U" bottom into another bigger rally.
I think over a 3 week span, we drop to a possible $5,000 near mid December. This touches the 200 weekly MA and is also the point of the larger triangle formed from the two rally peaks and lows. Depending on how the market looks at that point, there's a good chance a relief rally or bigger occurs from this bottom.
Either it bounces back up hard to retest the 50 weekly MA again over the next month(s) or it kind of dribbles & bounces along the top of the 200 weekly MA leading to a possible "U" bottom into another bigger rally.