We topped where expected (see below) then dropped hard as usual. Usually a strong wave leads to another wave(s), thus an ABC correction. Three current possibilities are show, my preference being the middle one.
This is a SLIGHT chance that we have completed the retrace already. That drop brought us exactly into a strong support zone. Hit play on Idea below, and notice where the drop stopped. That drop MIGHT have been wave 4 and starting wave 5 now.
This is a followup to my Top call at 4150-4200:
Prior to that, I was calling for a 3400 bottom:
And thusly found bottoms and tops all the way back to my 7400 top call:
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In the very short term, I am looking for this 5 wave move which would be on leg of the bigger wave C plotted above
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Making some progress
Close up shows that the red 2.618 was indeed formidable resistance Also shows that the red 4.0 was the bounce fib. So now watching the 3.0 for resistance.
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Last drop pretty much cancelled. But now back to the 2.618 as resistance
@RAFALEZ, Thanks and you're welcome!
Best of luck with your trades, at least we have some volatility again!
Mysticeti
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@EuroMotif, I was trying to catch a short around 3880 before the drop of this afternoon after 3850 but it may not go this high from now then I have to reconsider my entry. this is why I am greatfull for you post just on time ))
thanks for your light :)