That IS a nice little impulse wave, but I am afraid it is the A leg of a wave 2 ABC in a larger wave 5 down. Lets see how price develops from here. I would expect $9.80 to become key resistance now though.
cryptowaveman
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@Barkworth, Yeah I'm leaning bearish now. Looks like you are more bearish than I am. I still like the target of ~8.75 but based only on overall fib .764 of that previous large move.
Barkworth
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@cryptowaveman, I think we’ll see indices top out this week, and then a larger correction will bring all our favourite stocks within beautiful buying zones. I expect the gap to close, purely because QQQ, SPY, they’re all completing wave 5’s of intermediate waves. I think... I’ve been right, I’ve been wrong. $8.75... lets see :-)
I'm studying this chart a bit more, to look into your suggested level of $8.75. There is actually a lot of confluence there. We have the FIB 0.786 from the spike, we have the FIB extension 1.618 from the 1-2 wave of C, and the extremes of the falling wedge are meeting each other just below it, at $8.50.