I believe we are at a make-or-break level currently. The fibs and EW patterns point to one more leg down. But bulls have one last chance, if they can defend the green zone in my chart.
We look to be in a wave 5 down. If so, I am looking at three target zones.
I will post a bullish scenario, if the invalidation zone is surpassed.
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At a resistance, clearly defined by fibs
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Updated resistance zones
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Flirting with resistance
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Nice stab through resistance
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Bull trap with wick above resistance?
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6520 might be next support before the critical zone
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wave C (micro) looks to be under way
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still looks to be on course
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Well, it took the long way home, but came around to test 6522. Got a decent bounce off that zone, lets see if it holds
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back to the main chart, that crucial support seems to have held
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Here we are finally, bounced at the 5300 support forecast over 6 weeks ago Not sure if it will hold, but the bounce looks pretty healthy. Will measure the bounce waves and post an update with expectations from here.
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Zoomed in on the Target zone: Low of the 1 min candle was 5280.93 whereas my zone's lower bound was 5301.64 . Only Fibs can provide that level of precision