when most people see an asset fall this much they are afraid to buy. not me. i see opportunity here with a great risk to reward potential.
This asset closed today on a reversal candle, very close to the 89.3% fib level while inside this pattern/flag pattern. we are oversold on this as well. we dont have daily divergence though. will we make one more push down to the 89% fib level? possibly....the best course of action here would be to cast a laddering strategy. with the stop just under the 89.3% fib level.
are you willing to risk 5% for a potential 20-50% longterm gain? i just dont see why not.
i hope this quick analysis helps guys and gals