Yesterday I wrote : a correction could come at any time and assume its depth is impossible. Starting from yesterday's trading course is very much threw the day and closed classic reversal formation – doji, a continuation of the implementation, which we see today:
Intraday volatility of $100 ,for the last two days ,totally normal. Technical analysis not yet started to work, but some points can still be noted: the active acceleration of the course commenced from 2nd November, up to this point worked market factors, which is why all the emotions will continue to run wild in the range of $330 to $504. At this point a break below the $360 seems very unlikely to Speak about the cessation of growth it will be possible when all the candles of the accelerating nature (from 2nd to 4th of November) will be blocked by a wave of fall. And while this correction, with a large range of motion. The wave correction will now be very large in order to shake the players, and then on emotions to put them back in position for further growth.
We watched the first wave in and out, it is very likely that after some period of consolidation we will see further frantic growth.
While all market transactions are carried out at your own risk. A few days picture will get at least some technical features. We may not see again down to minimum values of today around $370, but if you still decide to open long positions now, with shorts on, we don't even talk about playing against the trend at all wrong, morally you still need to be prepare to the possibility of re-retest of around $360.
An interesting pattern is observed on 4-hour chart, the price already the fourth candle in a row can not break down a diagonal support and most important last candle is currently drawing up a reversal formation if it closes above $385, it will be a good buy signal with the first target at $450, and then most likely on a breakout of the highs:
on the hourly chart clearly visible proven head and shoulders, in which was realized the current correction