Reversal targets may potentially be the following:
- The of the which coincides with our 127.2 fib extension at $3501.
The 141.4 fib extension at $3420 which coincides with the support formed by our swing low yesterday
The bottom of the channel and lower band of the at $3302 which also coincides with our 161.8 fib extension.
Previous chart predicting the $4200
Previous post and first target:
I've revised my pitchfork and fibonacci retracement target. Just realised the move from the $4529 high on 24 November to the $3657.60 low yesterday was met with a retracement to above the 68.1 fib. This should result in a continuation of the downtrend move to the 161.80 fib retracement level (from the $4529 high) which sets my revised target to $3120. If the swing low touches the larger downtrend support, hopefully we get a candle body close back above the pitchfork support to keep within market structure and hopefully we have reversal from there.