Zone TL's match the Fib retracement areas. Let's see where a BIG bounce comes in should we get it.
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Idea on the intermediate move coming up. s3.amazonaws.com/tra...shots/y/Yz6975pu.png
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Minor bounce playing out right off the .618 fib retracement level. I don't expect more than 7200 since the higher TF trend is still down.
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We broke below interim support on 4hr chart. either move up to reclaim or this continues downward.
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6.1K - 6.2K looks like juicy support for a bounce.
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Noticeably the 89 EMA has crossed the 233. Last time this happened we saw some significant bounces along the way to capitulation to $3K. What worries me more about now is that all those EMA's are converging quickly in a momentum swing downward with higher pitch than before. In essence, if the lower TL at 6100 does not hold, BRACE for impact back at the 2015 TL.
Trade closed: target reached:
I wanted the wick to hit 6.1K - 6.2K, but bulls did a great job whipsawing PA with buys in 6.3-6.4K region. Was ladder buying the double bottom so it worked out just fine!