With last Friday closing at a nasty -2.5% after Thursday marked a +38.2% total loss retracement of the large loss we've suffered in little over a month, I foresee one last push on this retracement that will take us to $275. This would mark a 50% total retracement of losses which is the same retracement zone the 2008 crash found before suffering an additional 50% total loss. Wave count seems strong in my eyes, I've tried several bearish counts but this one seems strongest. If we do manage to hit 275, a strong reversal could occur.
Comment:
Time estimate is rough, but technicals are signaling that we should top this week. I'd bet by Wednesday EOD
Comment:
Extremely strong reversal from Friday's close and an almost confirmed breakout over $259 trendline resistance. I'll adjust targets if we can see $264.30 today, but conviction on $278 by Wednesday is looking positively in play.