1. bounce up and going down forming a double bottom, then rally 2. sharp V reverse, then rally 3. crash, then rally?
Please comment/like/share, let me know what you think.
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It's funny everyone is in a this-must-rally mindset, so it failed at 0.382 resistance, may heading low in this case.
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As we know the judgement day was yesterday when the market reverses from .328 level after bull struggle to push it up. Now the price has confirm the weakness, I'm aiming at next target 2466.9 except we see a sharp reversal tomorrow - which isn't very likely due to the strong tail close.
But like most of us, I'm still not convinced that day is coming finally. However, we should be prepared and switch to the real undervalued stocks, gold and cash.
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Respect the Price : when price close at the tail of the candlestick, it represents very strong sell or buy. If we ignore the price action yesterday, we will get burned.
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Very strong 200MA support, we can see the price reverted in a very short time.
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Next target is 2743 at 0.618 the golden ratio of this drop. We may see if we continue the down trend (reverse and go down) from that point to retest bottom, or just penetrate the level to the upside.
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Based on the previous chart above, it breaks down from 2743 to retest 2703, and potentially 2662.