May have a little more downward/sideways movement to settle out yesterday's sharp decline, but having met the projected Fib retracement zones at 35000 I'm expecting a bullish turn today/Monday and a likely continuation of that trend for the remainder of the year.
Hi. But Covid issue is driving market down. I have buy around 35300. I did not hedge. Should I hedge now?
EightyNineWaves
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@TK_71, hello! That's a possibility, but personally I don't think it will go much lower. Given the sharp decline yesterday, I expect the reaction to it to offset any news related further decline (which is likely the reason for the mostly sideways action this morning). With the Fib targets met, we should see a return to the upside soon.
If it does break down further, we would have to start looking at this as potentially even a higher degree correction. That would most likely mean either interpreting the early September decline to the present as one big expanded flat (which could indeed target the 35300 area), or we would finally be ending wave 5 of the total move off the original Covid lows (which could take us well below 30000).
These are all possibilities, but I don't think the TA favors the more bearish alternatives yet.