The market smashed into the roof and is now holding on to dear life at the support level.
Was the fast crash connect to Corona? Yes, BUT it was not until we reached the roof that the market went into reverse mood, and that faster than ever!
So where do we go from now? We should most likely see:
A: Sideways movement due to the insecurities of the virus and the impact it has in some segments at the 1,6 fibb level and thus break the rising wedge formation
B: Additional 20% decline to the 3,2 fibb level which would mean the total decline is approx 55% in total which is in the magnitude of 2007/2008 colapse.
If I were to bet on something its option A!
Share your thoughts and like if you agree!
Trade closed: target reached
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Ding Ding Ding.....Option B was the right answer - you won a grand tour to the poor house! :)