If we flipped this around during an uptrend and the Bears couldn't push past the 23.5% retrace range, we would say the trend is strong. Same applies on the way down.
High of the bounce is $145 and the low of the -20.70% drop is around $135 from the high of nearly $170. Looking a lot like a Bear Flag, and a Bull Trap for Buyers on the other side of the 12, 20, 26 and into the $146-$150 price range.
I've also mentioned a Butterfly that is still in play on the daily because I have been watching it since the $103 range - so far, it's been validating, which would put this move quite a bit lower eventually, along the C to D line.
My assumption is that it won't follow all the way down the line (lots of variables in the way), but it's possible we revisit the $80 range before moving up sometime in Early to Mid April. Still lots of factors in play, including a talked about forming from the 80 and 103 levels with an upper area around the 165 range. We'll see how that plays out.
Good luck, Traders. May you find yourself on the profitable side of it.
See Previous Posts on for validation questions: