CD approximates the .618 retrace of DE
AB is the .618 retrace of CD
the blue-green retracement shows the coincidence of CD's fib ratios with key levels:
0.618 is 0.5 of the corona crash
0.5 approximates the top of the s/r
0.382 approximates the bottom of the s/r
a retest of 22426 (0.382 of the corona crash) looks likely
i'll look for a move from 23018, or 23287 if we gap up
i fit these to candles but used the line for clarity's sake
AB is the .618 retrace of CD
the blue-green retracement shows the coincidence of CD's fib ratios with key levels:
0.618 is 0.5 of the corona crash
0.5 approximates the top of the s/r
0.382 approximates the bottom of the s/r
a retest of 22426 (0.382 of the corona crash) looks likely
i'll look for a move from 23018, or 23287 if we gap up
i fit these to candles but used the line for clarity's sake
Comment:
update:
we moved almost diametrically opposite today on the strength of oil's unfucking itself.
correction:
i misrepresented my earlier prediction: the timing of the leg down as projected along the major trend line comes at 4:00 AM 4/23. i'm considering this level very much still in play by EOD tomorrow or overnight action afterward.
recap:
price was swatted back from the top of the current falling "megaphone" pattern to back below the horizontal range band
new key levels and fibs:
note newly labeled points
ZE approximates the 0.618 projection of DY (now the basis for the lilac trendline)
orange levels are based on the first countertrend wave on ZE (unlabeled): note the support and resistance levels mapped to the current countertrend wave
we moved almost diametrically opposite today on the strength of oil's unfucking itself.
correction:
i misrepresented my earlier prediction: the timing of the leg down as projected along the major trend line comes at 4:00 AM 4/23. i'm considering this level very much still in play by EOD tomorrow or overnight action afterward.
recap:
price was swatted back from the top of the current falling "megaphone" pattern to back below the horizontal range band
new key levels and fibs:
note newly labeled points
ZE approximates the 0.618 projection of DY (now the basis for the lilac trendline)
orange levels are based on the first countertrend wave on ZE (unlabeled): note the support and resistance levels mapped to the current countertrend wave
Comment:
should go without saying that the next key upper resistance is at 23727ish, a retest will be extremely likely if the action can find support at 23505
expect a retest of 23287 tomorrow leading to the leg down