Drawing some trend lines and finding their intersection points, I am seeing a pivotal point at 3843.5, the .382 retrace for the most recent low point.
It could get very ugly if we break this point, but I would imagine we hit this bottom, bounce up to a new ATH for a final wave 5 of this sequence, and then some real correction begins.
Alternatively, we could continue downward towards the 370s, 360s, or even 350s, but I think this will be reserved for later in the year and months to come. However, keep in mind the unnatural thrust up we had and the subsequent reactions from that thrust we must endure to continue onward in a balance fashion.
Also seeing 384 as a key support level. I really do not want to see that break. If we can hold that my wave 5 target is around 4090 for late march/april
FibonacciDiPisa
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@NewtonsTrades, yup i hope for the best, but that pump up is always in the back of my mind...plus the vindictive nature of big money to teach a harsh lesson to retail traders lingers in my thoughts, but hope for the best and say on the defensive is all that can be done, cheers
SarahTiara
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unbelievably accurate
Petrichor_
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I think what you described is what’s playing out except it turned around at the 50 not the 38.
FibonacciDiPisa
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@Money2020_ET, yes which makes me think were really going to the .6 fib and sub 380s and 370s potentially
Petrichor_
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@FibonacciDiPisa, are you still thinking this after today's rally?
FibonacciDiPisa
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@Money2020_ET, no doubt in my mind we will be back...tho i think we float up to 396, 398, or even 4k before a nasty down turn around March 25th to touch the 377
oside4
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FIB - looks like you called it. Hit resistance and reversed to Bull. Hodl for ATH. Hopefully its good for one more cycle!
FibonacciDiPisa
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@oside4, we maybe have to hit 377ish first, or even 365 range, and then i would plan on a bull run only to 4k for now, hope that helps