We have now more convincingly broken .5 resistance, making .618 at $2930 the next step in this retrace of the whole down move.
There is a previously tested & successfully defended support at $2850 from Feb. 28th (that we possibly just bounced off of after hours) and twice tested resistance from March 10th at $2885. I have $2875 as more or less the middle of both...
Rejected the .382 all last week on the latest correction from our elevator trip down. spent all this week bouncing between the respective .236's of our trip down *and* the correction, which by the way is also the .382 of our current trend down. Consolidation & set up before a big move up or down? Seems to be the preferred theory. Will we have our answer in today's...
A simple five point wave down with an abc correction then continuation? Simple moves like that today is probably harder for everyone today if anything, with the expectation that at any moment a sudden tweet could trigger a sharp reversal.
All within the same downward channel set this morning, could it hold the entire day?
