The rejection from $9400 has shown a continuation to the bearish trend. The 42% move had many thinking the correction has ended when it was only an X leg of a Triple combination WXYXZ Potential target of $5500 in Feb 2020 using Log scale
Thinking we might see a triangle here before the last big move down which I think will be more drawn out compared to the rest of the correction
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Estimating a relief bounce to 7640
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Thinking we need to scrap along bottom of channel before bounce
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Target reached. Looked at my fib retracement again I should of estimated $7662 but close enough :) Now I think we make that triangle before the last drop before the bull market
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Current Estimate
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Triangle Estimate
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Feeling my triangle estimate is too compacted Alternate estimate
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Current Estimate
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Current Estimate Still sure we are in a Triple Three combination WXYXZ Currently in the B wave of the Z. Looks like the A and B waves of an ABC are finishing C target looks to be ~$8600-8750 FIb confluence zone meeting with Channel top around $8600
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Still my current estimate Not my normal way of placing a Gann fan but it seem to line well so a good test for me
Now that we have broken the 61.8 Fib retarcement level at $7250, the 78.6 retracement level comes in right around your target at $5427. I'll look for long term buys down there