Posted by chartboy on 29th of Oct 2020 at 06:15 pm
Thanks Steve.
Here you can see the significance of yesterday’s gap. It
represented a break of the .382 Fib fan line from the March lows.
Subsequently we encountered the .236 retracement to the March lows
and the rising trend line that has been in place since may. The
fact that todays bounce appears to be failing, plus the
deflationary nature of the rotation that is accompanying it,
strongly suggests we are heading for the .50 fan line, which of
course would take us down to wipe out the stops below the Sept low,
which is always the type of location these moves target. Given next
weeks turn window, which coincides with the June high and the
August 22 acceleration to the parabolic top and it means that
keeping an eye on all options (up and down) is more important than
usual.
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Excellent commentary and with the
Anyone have any thoughts about this post? I guess it ...
Posted by steve on 29th of Oct 2020 at 06:02 pm
Excellent commentary and with the lack of liquidity such moves can become exaggerated quickly.
Thanks Steve. Here you can see
Posted by chartboy on 29th of Oct 2020 at 06:15 pm
Thanks Steve.
Here you can see the significance of yesterday’s gap. It represented a break of the .382 Fib fan line from the March lows. Subsequently we encountered the .236 retracement to the March lows and the rising trend line that has been in place since may. The fact that todays bounce appears to be failing, plus the deflationary nature of the rotation that is accompanying it, strongly suggests we are heading for the .50 fan line, which of course would take us down to wipe out the stops below the Sept low, which is always the type of location these moves target. Given next weeks turn window, which coincides with the June high and the August 22 acceleration to the parabolic top and it means that keeping an eye on all options (up and down) is more important than usual.