I see a lot of reputable analysts that I trust show bullishness for what we are seeing here. They believe that these are impulse waves, and we are awaiting another impulse wave to around that target line. I think its definitely possible. BUT, I'm on this one. I think we're still correcting and all these are are motive waves to complete the X in a WXYXZ formation. They just don't remind me of impulse waves, and don't necessarily match my criteria. If we fall back to the critical support line and find support there, with indications, then I may enter in on the trade here. But if I don't see any confirmation of bullishness, then we are likely to fall back to the bottom support.
1) The green lines are the bull scenario
2) The orange lines are the bear scenario
3) We must hold this red support in order for the bull scenario to reign true.
Either way, this red line is where we will probably be consolidating at in 2 weeks or so.
We're finding support along this triangle. I'm liking what I'm seeing. Let's say we enter now, then we target the entry box for a possible 28% gain or more, and our stop loss is right at the red line, with a possible loss of 8%. I would wait a little longer for more confirmation on this one. If we breach the white support, then we may fall further, but it just doesn't seem likely in my opinion.
Right now, I'm bullish. Let's see what happens!
No longer bullish. LOL. Bear scenario is coming pretty true. Just BARELY touched our bear target with the wick. The Bull green target box is pretty unlikely to be hit now, but I do expect some sort of a bounce here. Our 2 week target zone still remains.
BOOM!! Bear target reached! Now, there is a chance that we fall from this white support line, if we do, we have this secondary support level down here. Our 1.5 week Target zone is still in play.
Congrats if you were a bear and shorted this sucker. Sorry to the bulls who long'ed this sucker. The market comes back, eventually!