Looks like it completed Wave 3 of 5 downwards on the daily chart. Looking for a bounce potentially back up to 57.65 (50% retrace level of the recent move down) can go all the way to $60 as well and not violate EW rules
I don't expect it to get that high though, it will likely hit the 10dma IMO and turn down if this is truly bearish.
3rd wave was an $11 move, would expect it to be the 5th wave to be the same with commodities (Target $46)
I don't expect it to get that high though, it will likely hit the 10dma IMO and turn down if this is truly bearish.
3rd wave was an $11 move, would expect it to be the 5th wave to be the same with commodities (Target $46)
Comment:
Bounce start this week after bottoming out at $50.60. I took a few stabs at a long but got stopped out (short leash as I'm worried about it continuing down).
Comment:
Got that big bounce back up to 50% retrace - $57.60 level. Now looking to see how much further the rebound goes before entering short
Comment:
Completely missed this one - went to the extremes testing $60-$61 level, slight overlap of waves, after testing resistance for a couple weeks this is now dropping. Will look to short on a bounce. Its now below all my support zones. $54 is the next area where there's a lot of support