Broken support and trendline, possible congestion at 9-9.6k
The last downward move broke both the demand line established at the 5k congestion area, and the support line after the reversal a few weeks ago. Combine this with the high volume at the top and we have a distribution scenario. Downward count, determined by P&F, gives us a target of 9k, which would suggest a possible reaccumulation area, or another distribution zone before heading down further. At this point we don't know.
A deeper retracement without going through congestion is possible, though unlikely since the 4 hour suggests that the downward movement has broken it's stride, as evidenced by the break of the reverse trendline with strong volume at support. This suggests that we will consolidate for a little while at the 9k area.
A deeper retracement without going through congestion is possible, though unlikely since the 4 hour suggests that the downward movement has broken it's stride, as evidenced by the break of the reverse trendline with strong volume at support. This suggests that we will consolidate for a little while at the 9k area.