I think we could see alot more destruction than that.
AdvanceChartist
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@charlief782, Hi Charlie, thanks for sharing. How can the destruction continue to be like that.
charlief782
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@AdvanceChartist, Well I think that it will go to at least your worst case option for a couple of reasons. First, we are forming a triangle pattern. Once a stock breaks any type of triangle pattern it usually follows with great price movement. It seems we are breaking it in a bearish way. Second as you can see the two indicators are showing that buyers tired to take control and failed and that we have a trend change from bullish to bearish. The next indicator the top one of the second chart shows that we have entered a weaker market and that the stock prices are greatly affected by news which we saw yesterday. The bottom one shows that we are not in a squeeze and we will see great price movement. It has been decreasing and coming closer to a bullish outlook but still deep in the red. The RSI bands show that the middle line held as a resistance and it should fall near the green line which seems like it will hit the second wave. This chart shows an alt wave count where 21053 would be the low of this correction. I can't possibly see this coming to a stop earlier. In addition, corrections usually, end with somewhat narrow or narrow channels which we are currently seeing. To sum this up the indicators are all pretty much showing more bearish action and the wave count would put it near 21000 or 19000 and we are breaking a triangle pattern which causes big price movement.