There's a distinct potential midpoint evident on the daily chart. It's the small green bar (basically a doji bar) I've circled on the chart. Placing the 50% retracement level through this midpoint with a starting point of the 8491 swing high suggests a low of 5539. Also noteworthy, the 78.6% and 23.6% levels line up as good support on the way down with this fib setup. There will likely be some panic selling if we reach the 5539 low and we could spike below that level by a few hundred dollars. Ideally we will not have a daily close below 5539 and/or form some other reversal pattern down there such as a bullish engulfing candle.
After an excruciating year so far, could we finally see price action follow the massive amount of bullish news that's coming out lately? We will see!!
After an excruciating year so far, could we finally see price action follow the massive amount of bullish news that's coming out lately? We will see!!
