Internal Fib Pattern #1 23.6% to 9% targets the 50% Fib (retrace from 6600) target is 4888 on c.b. With a typical p/l ratio of 4.6 to 1
This is not a recommendation to buy or sell.
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We're around the 9% fib. If we bounce from here target is valid still...
I would think any push farther down would invalidate the 9% bounce and target/pattern.
So target would change if it double bottomed. New wave would have to be reconsidered if we made a new low... need another bounce and so fourth to establish the next wave. If there is any more downside hope there is nothing more than a double bottom.
Beyond that the market would be in for tough times. IMO.
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Looks like we may retest 3600 soon.
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bouncing on the .236
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breaking long term trend line, but not on log. log breakout, impressive...