Good morning everyone. Did some TA and here is what I've came up with. IF this impulse from the bottom is in fact wave 1 completed, and we retrace, wave 2, now to a 618 fib level. I've found 5 confluences at $5150ish First 618 is the total measured move from 3100 to 8k (just speaking round numbers) Comes in at 5150ish. Second, the Monthly 10 EMA
is right at 5150, Third the fib extension from this current pull back lands right on at 5150ish. Fourth, I have a twin fib line at 5150ish. Fifth, there is a strong base in that region the bulls have built up. Theres a case for a tweezer top
, and H&S
forming, which it looks like we may have hit the top of the right shoulder last night. A bullish
scenario, would be reaccumulation in this range to for a ascending triangle
for a push to 9900.