Is the low in? That's the question everyone is asking themselves... It's difficult to come up with a good answer, one may be able to respond based on fundamentals, elliott waves, past corrections etc... But nobody knows for sure, and there is no best practice or highest probability that can aid you to get the correct answer to that question...
The question that everyone should be asking themselves if they want to make money in this market: "when do I buy? When do I sell?" The answer to that is pretty easy... Use Fibonacci!
If you don't believe Fibonacci might be the answer, you either don't want to, or haven't had the time to look into it. Please... start using this indicator properly on your mid and long term charts, use it in addition to the other indicators you're already using, or base your stop loss on a FIB level break or not, you will profit from it in the long run.
2 more tips from me:
1: The 0.618 FIB is the most common resistance to change the market direction and continue the bigger trend in most traditional markets. (0.5 can be more common in some markets/assets)
2: In extreme bullish or bearish scenario's the 0.5 FIB or even the 0.382 FIB might have more influence or a higher potential of changing the market direction than the 0.618
on the DJI we already saw the 0.382 introducing a lot of resistance, I already told most people that I believed this resistance was going to break in the short term because there was too much market acceptance and too many retests around that level. Surely, we did break the 0.382 and went straight for the 0.5, where we once again see a lot of resistance, and the more bulls are able to retest that level the higher the chance it will break all the same. If I had to make a guess right now, I would say that we might still visit the 0.618 (or get close to it) before we go down for either a higher or lower low in this market. Of course, some companies like Shell (which I bought at 11.7 EUR on AMS) might have seen the worst, even if the DJI itself was to go below 18k.
The question that everyone should be asking themselves if they want to make money in this market: "when do I buy? When do I sell?" The answer to that is pretty easy... Use Fibonacci!
If you don't believe Fibonacci might be the answer, you either don't want to, or haven't had the time to look into it. Please... start using this indicator properly on your mid and long term charts, use it in addition to the other indicators you're already using, or base your stop loss on a FIB level break or not, you will profit from it in the long run.
2 more tips from me:
1: The 0.618 FIB is the most common resistance to change the market direction and continue the bigger trend in most traditional markets. (0.5 can be more common in some markets/assets)
2: In extreme bullish or bearish scenario's the 0.5 FIB or even the 0.382 FIB might have more influence or a higher potential of changing the market direction than the 0.618
on the DJI we already saw the 0.382 introducing a lot of resistance, I already told most people that I believed this resistance was going to break in the short term because there was too much market acceptance and too many retests around that level. Surely, we did break the 0.382 and went straight for the 0.5, where we once again see a lot of resistance, and the more bulls are able to retest that level the higher the chance it will break all the same. If I had to make a guess right now, I would say that we might still visit the 0.618 (or get close to it) before we go down for either a higher or lower low in this market. Of course, some companies like Shell (which I bought at 11.7 EUR on AMS) might have seen the worst, even if the DJI itself was to go below 18k.
