Seems to follow an elliot wave - the basic impulse wave consists of a n impulse wave and a corrective wave - impulse waves consist of 5 waves (Wav 1 to Wave 5) and moves in the direction of the trend - waves 1, 3 and 5 moves in the direction of the trend while waves -2-4 move opposite of the trend
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Looks like we're bouncing back to our 135 resistance. Don't buy. We're yelling timber.
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I did it mostly right, I just calculated the resistance level wrong. I should have taken that huge red spike into account, I didn't think it'd have as big of an impact as it did on the price. Still holds, just calculate on fib line lower than what I drew.