As I've been saying the BEAR market is here, the next recession has begun. It's unfortunate but it's time for it, markets can only go up for so long. My anticipated next move has 2 possibilities.
1) While Friday saw a rally, I believe this may be a short squeeze with people hoping the bottom is in along with people not wanting to hold positions over the weekend. However, Thursdays close was below a previous STRONG SUPPORT. So a possible path could see prices continue downward.
2) A more likely path is that price continues a bounce up to previous SUPPORT now turned RESISTANCE to 24700-25700 before continuing back down.
Either way looking for next down side SUPPORT levels and possible bounces at 0.382 FIB (20600) which isn't very strong/likely, then down to 18000 before a strong bounce.
As always, I'm not perfect and if I'm wrong I'll own it. If I'm wrong that means either price breaks above most recent swing high (29600) or 2 consecutive higher highs and higher lows.
1) While Friday saw a rally, I believe this may be a short squeeze with people hoping the bottom is in along with people not wanting to hold positions over the weekend. However, Thursdays close was below a previous STRONG SUPPORT. So a possible path could see prices continue downward.
2) A more likely path is that price continues a bounce up to previous SUPPORT now turned RESISTANCE to 24700-25700 before continuing back down.
Either way looking for next down side SUPPORT levels and possible bounces at 0.382 FIB (20600) which isn't very strong/likely, then down to 18000 before a strong bounce.
As always, I'm not perfect and if I'm wrong I'll own it. If I'm wrong that means either price breaks above most recent swing high (29600) or 2 consecutive higher highs and higher lows.