The bearish trend has a high potential to continue after the latest rally.
Note: if you take the fib retracement and measure each of the (potential) bottoms on this downtrend, they all keep popping back up to the .236 retracement and then continuing its descent. Possible we head down to 1850 or even 1700. So the .236 keeps getting larger as this downtrend continues. It followed suit for the 3rd time at 2800 bearish hold.
It got some help from the 20 day moving average as well at 2800.
Targets 2390, 2200 (for double bottom), 2000, 1852.
- May the odds be ever in your favour
More notes:
- the left fib retracement is the start of the bull run - 1700 -> 4860
- the right fib retracement is the top to latest bottom - 4660 -> 2170
- This will be the third time we came back to the .236 retracement from the top
- Continuing to follow the down trend both overall and the recent steeper decline
Note: if you take the fib retracement and measure each of the (potential) bottoms on this downtrend, they all keep popping back up to the .236 retracement and then continuing its descent. Possible we head down to 1850 or even 1700. So the .236 keeps getting larger as this downtrend continues. It followed suit for the 3rd time at 2800 bearish hold.
It got some help from the 20 day moving average as well at 2800.
Targets 2390, 2200 (for double bottom), 2000, 1852.
- May the odds be ever in your favour
More notes:
- the left fib retracement is the start of the bull run - 1700 -> 4860
- the right fib retracement is the top to latest bottom - 4660 -> 2170
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My First Post. Not sure why it is showing Day and not Hour chart.
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First timer woes - See here for a much nicer drilldown:
