A few weeks ago I warned you guys about the green and red moving average crossing indicating a possible bear trend (in this stage of the bubble, capitulation). What happened today was exactly what I predicted. As you see on the daily view, the 200 day and 500 day moving averages just about crossed and its not over yet.
As you see we broke down of the descending triangle and I expect a free fall (Panic stage) to the next strongest support. In this case $6200 but I expect their will be enough momentum that will get sliced all the way through to $5800. At $5800 zone I don't expect a bounce as there is currently no support indicated by any moving average in any timeframe so I expect this will be the time we test the bottom of $5000 territory.
I am calling the very bottom of this particular move, $4900 because this is the next strongest support zone.