Update to my initial Retrace Plot before new Highs (click).
The pullback has been stronger that expected in above plot.
We have probably only painted a "wave A" and now in wave B.
The height and fib-ness of wave B will help to map wave C paths.
It is POSSIBLE that correction is done (levels say yes, structure says no)
It is LIKELY to get a decent bounce (B) and then another leg down (C).
It is PLAUSIBLE that C dips only a little lower than A (strong support).
Previous Analysis (click links below):
Jan 16, 2019: Call for Top or Near Top
Jan 27, 2019: Initial plot of Virus effect
Jan 29, 2019: Virus effect A-B-C plot
Feb 24, 2019: Initial plot Dip to New Highs
Feb 25, 2019: Dip update 1 - Early plot
Feb 26, 2019: Dip update 2 - Wave B targets
The pullback has been stronger that expected in above plot.
We have probably only painted a "wave A" and now in wave B.
The height and fib-ness of wave B will help to map wave C paths.
It is POSSIBLE that correction is done (levels say yes, structure says no)
It is LIKELY to get a decent bounce (B) and then another leg down (C).
It is PLAUSIBLE that C dips only a little lower than A (strong support).
Previous Analysis (click links below):
Jan 16, 2019: Call for Top or Near Top
Jan 27, 2019: Initial plot of Virus effect
Jan 29, 2019: Virus effect A-B-C plot
Feb 24, 2019: Initial plot Dip to New Highs
Feb 25, 2019: Dip update 1 - Early plot
Feb 26, 2019: Dip update 2 - Wave B targets
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
Market closed exactly at one possible support
But we never reached blue B.
So this might go a notch lower.
.
Zoom IN (1h) sure looks like "Red C" is destined
to asses possible targets further below,
because this train will not stop quickly
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