Fib Fight...

Remember fibs cut both ways.. Just because we held the fib retracement (albeit sloppily) on the way down, doesn't guarantee a straight move up. If, and again it's a big "IF" but if we have a Wave-4 low in, then we can approach trading this next leg up with the assumption that it will sub divide into an impulsive wave structure; i.e 5-waves. First test is the 50%. I can promise you there will be algos, ready to swallow buy orders there looking to catch the move down. Until we break the 61.8 and get out if this Pitchfork, nothing is clear. A look at the hourly chart on the left suggests that the wave-1, of this assumed Wave-5... may be in or close to being in. Expect a retracement. That's good news if you're not in now and offers the opportunity to add if you are. More as it unfolds.

Stay technical my friends...