Hi. Do you think it still has the potential to go down to these levels? Or are we already seeing a bounce?
KittyRider
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@matgavaghan, it's all about assessing possibilities... but yes, it still has the potential to go down to these levels.
Three possibilities in my view:
#1. We finished a shallow wave 2 bounce at 816 and now we're going up. If this is the case, we'll see a strong push past 910. In this case we won't see the levels highlighted on the chart.
#2. We haven't finished wave 1 yet and there is a slight new high just past 875 before retracing to *around* the levels highlighted. New targets would need to be calculated.
#3. Everything is going as planned and we'll see a turn down shortly to the highlighted areas.
matgavaghan
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@Michael336, I
it's certainly looking more like it's conforming to #3.
it's useful to know about the 875 because that's the kind of up-swing which would fake me out usually.
I've laddered myself in at 801, 782 and 755.
There seemed to be much confluence on these levels when applying short-term trend lines, trend-based fib extensions, and fib retracement levels.
Thanks for your insight and your very easy to follow chart (if only they were all so legible).
Please keep me in the loop if you find any compelling TA or fresh signals? Thanks
KittyRider
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@matgavaghan, wow. Those are good entries. I think you'll be well rewarded in the next few weeks provided we don't break below 690. Good luck! If you're interested in staying in the loop, feel free to follow me for updates.