The chart I have here shows my expectations of the market bottoming
As you will see I am using two fib retracements to indicate levels of where the price action will realistically reach. The red lines are lines of resistance, The green lines are lines of support. There are 3 lines of support that I can see now. We are approaching the first line and this is a good place to start slowly scaling in your orders. Once we are through with the down ward correction we can still bounce hard and return back to the lows to attempt to make new lower lows.
The weekly TD Sequential indicates that we have another 2-3 weeks of lower price action.
I am slowly becoming more concerned about the price movements we have seen recently. Most of the amateur traders are now anticipating a buy back with correct levels, which indicates one thing to me. I think that we may end up taking a leg lower than the anticipated $4,800 area. When a market bottoms it painful to hold positions and ends up shaking out the weak hands, and I think unless we are able to do so we wont be done with the bear trend.
Best of luck to all trader.