The Impulse from $7870 set another cascade in motion.
Thus far Bears have dominated the line by line rejections.
Bulls have 3 lines left before severe collapse.
It will take at least 2 CLEAR Pings to reverse this.
Bulls need to paint two Pings that bears can HEAR.
Sentiment wise the US market leads but is undecided.
Gold , stocks, and bonds are in FUD mode themselves.
Risk-off mood needs to change or we see lower lows.
And of those lower lows, I am eyeing $ 5,882 and 82 cents. see this Idea:
Zooming IN and adding Red Fib of last leg down We have a perfect confluence at $ 7132.61, trying to hold.
But likely to drop to next support, now "reinforced" but red 5.618 in close proximity.
But if tested, it would be Bull's chance to log the SECOND clean Ping to confirm first one was not just an illusion.
So it would not surprise me to see it come down one more fib before the real ping.
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