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The Megaphone pattern is defined by the dotted black lines.
Fib Time tool predicting Jan. 12th, logical bear move is to the 61.8% Fib or approx. $196.58
Just using history as a guide here. 198 bars from highest high to lowest low.
Last drop was 55.64%, duplicated to the present and projected to the future.
Notice how the 61.8% Fib. Level will be quite close to the projected $126 level.
230 Moving Avg. has called passed highs in the past..
Let's see if it continues.
Just assuming history repeats itself. Red box has been cloned. Notice the 61.8% Fib. level to $127.13
We shall see.
Looking for support to this correction at 188 level or 0.236 Fib
Just using a line chart you can see this has to make a decision up or down. I think up but it's not confirmed.
There should be a high probability of a significant bounce here. Especially off of the 6.30 channel line.
over-sold today, rebound to $127 to be expected then see... what happens
IWM - short term bearish H&S move has been completed, expect a bullish rebound back to the $127.22 area
very bullish action
#SPX is in a sideways mode and above the cloud using line chart (magenta). However, how the price reacts with the green or light red lines of the cloud will tell if this stays bullish or not. My concern is the rising support line (white) has been violated/ rejected twice already in recent days... Bulls must prove they want this higher. MACD is not quite above ...
Another bounce off the support line today. Cloud supports a up move from here.
KNDI now at it's .382 weekly Fib. level, if this holds, then this pull back is perfectly normal.
45 days to expiration (May 8th)
Max profit $1735
each leg is 1 Std. Dev. away from current price.
74% probability of profit (POP)
I would now expect the 1.618 Fib. level to be the future support level
based on the measured move from the Head to Neck Line move.
Fib 1.618 = 1916.74 Support Level Expected..
I'm expecting a zig zag return to the green support line... overall Bearish for the next two weeks or so.
First target at the .236 Fib level or possibly .382 Fib level, then a slight upward rebound followed by
more descent, most likely to .618 Fib level, again a slight upward rebound and
finally a flush out to the green line.