Quick heads up that Nasdaq 100 Index is nearing Major supports. Loss of one or both will make recovery MUCH more difficult. At minimum, 13k needs to slow the fall, for 12.8 to catch it.
My best guess is a bounce at 13 up to 13.3 then a drop again. This "should" be the last leg of the long overdue correction. This might be one last "shakeout" before new highs in tech. .
I do not use "Fibs" in the "traditional" manner (retracements). I use Fibs to plot "Ripples" (extensions) created by "Impulses". Then look for "Confluences" to map the "interference Pattern".
My TV collection of ideas detailing the Concepts: Chapter 1: Chapter 2: Chapter 3: Chapter 4: Chapter 5: Chapter 6: Chapter 7:
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Overdue Update
3 hours before US open on Friday, and here is what original tf chart looks like: All fibs still in play, albeit my "zones" were off by a bit. The zones were first chosen based on previous moves, but sometimes they need to be adjusted as pa dictates.
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Moving a couple of zones like this: So it is a matter of choosing the "correct" 2 fibs for each zone. The "old" zones still likely to play a role, but the "new" ones have clearly reacted.
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Looking at the wave structure: That is a "perfectly acceptable" ABC correction. The last part in particular, a wave 5 with its one 5 wave structure.
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So going into Friday US session, we have two key hurdles to watch Futures have already moved quite a bit so it will "gap" from previous close. So we can expect a "gap close" at open (dip) and then hopefully a strong bounce. Ideally, bulls push past the 2nd barrier above (13,383) by close of day and week.
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SUMMARY: - There is a good chance that correction is done. - Friday goal is to break 13,383 and maybe even hold it. - Then we will see who next weeks stats to look further ahead.