This is a near-term followup to my big picture linked below.
Dip is underway after orbiting our Genesis Fib at 117.9k.
Quickly approaching the next three supports worth watching.
Supports get stronger below but each one needs to slow the dip.
$ 115,140 is a minor fib but possible end of dip wave.
$ 113,9xx is a double fib that should be pretty strong
$ 111,661 is the sister Genesis fib, and a MUST HOLD
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Big Picture chart and why 117.9k was KEY
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Dip is underway after orbiting our Genesis Fib at 117.9k.
Quickly approaching the next three supports worth watching.
Supports get stronger below but each one needs to slow the dip.
$ 115,140 is a minor fib but possible end of dip wave.
$ 113,9xx is a double fib that should be pretty strong
$ 111,661 is the sister Genesis fib, and a MUST HOLD
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Big Picture chart and why 117.9k was KEY
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Note
CheckPoint #1? come in... .
Zoom in (m1)
"Not every Ping starts a Reversal, but Most reversals start with a Ping"
So it is possible we have a bottom here, but I think we go lower.
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A good sign none-the-less, that we got a bounce EXACTLY where needed.
Let's see how long this bounce holds, ideally until US open in 9 hours.
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Trade active
Possible double bottom? .
Closer look with local Fib and notes:
The bounce came from a local (red) 4.236
Now approaching a serious resistance zone.
Genesis fib at 117,868 and local Fib at 117.724
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So we have a possible end of last wave down.
But bulls must push thru a SERIOUS resistance.
$ 117,725-117,868 will be KEY to call a bottom.
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Note
Followup to last update above, we hit the red zoneAnd it was definitely noticed with a clear turn.
If down wave keeps developing, I will find its fibs.
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the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag
the Trading View is my Nation
the Moderator Tag is my Flag
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag
the Trading View is my Nation
the Moderator Tag is my Flag
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.