Out of short position at $433.
Looking at the previous bottom formation it looks like we could be coming to an end of the bear market. Push to 380 is still possible and will open a short upon a breakout of support.
Congrats to all who survived.
Looking to see a move back down to previous lows at $480
Signals for the trade:
- No significant volume
-Rejected at $500 level
-Descending triangle has failed to breakout twice
First price target: $480
Second price target: $450-460
Third price target: $350
Will look to re-enter after breach of these target and a possible retest.
Corrective wave 1 equals corrective/impulse wave 5 in most cases, if that's any use in this situation its looking like a move towards $450 is coming sadly. Or a possible bounce at the price levels we're at now.
Fib levels help this assumption.