Was trying to find the comment that suggested the .886 fib retracement because as of right now, they are right on the money. I believe we could have seen the top but I am not ignorant to the fact the this rally has a lot of steam behind it and we could see a rally that prints a new ATH. Even if that happens it does not change my analysis because my time horizon is to buy Puts Jan to June 2024. I primarily swing trade, so I am looking for opportunities in larger timeframe trend shifts. I have a feeling that earnings and debt ceiling nonsense could be the perfect catalysts to send this much lower, much faster, than most of us could anticipate. Recent price action is insane and nobody can honestly justify it and the resulting market cap. It makes no sense and it is a recipe for a major pendulum swing in the opposite direction, in due time. Good luck out there, whether you are a bull or a bear. I just like to see people make money and in this case, the risk to reward ratio is far more attractive to the downside.
I included a few possible Fib retracement levels to the downside and even to the upside. Cleaned up the chart a bit.
I included a few possible Fib retracement levels to the downside and even to the upside. Cleaned up the chart a bit.
