Many analysts are predicting a correction in the greater market, and here's what I think they are looking at (as well as fundamentals). My prediction: S&P will touch 1.68 (2150), then fall through support and move towards support in the 1570 area. It's anyone's guess after that.
Today completes a perfect AB=CD pattern for COP. First obvious short target is the .382 retracement from D, next target is the long term trendline, next target is C, and finally the last target is .786 to .886 of AB. These are my targets and are influenced by confluences I see (SR levels, fib levels, trendlines, harmonics) - you may have different ones =)
I'm expecting a retrace back to the long term trend line and possibly cut this harmonic pattern short and continue down on the larger bearish gartley pattern.
I'm bullish in the very short term, and bearish long term.
I'm hoping to see a drop from here to .81841, which could become strong support due to the confluence between the lower trend line and the .886 fib level from the previous up swing to .84. 81841 could also be a double bottom and early reversal in the wedge before the breakout. Then, I'm hoping for price to reach for .83600 for another potential reversal...
this is based on the OTE sweet spot retracement level from the swing high (thanks CRInvestor!). Not only is the sweet spot a major fibonacci zone, it's also a retest of previous price control point that has been tested at least 4 times.