A quick jump to the Head and Shoulders target (8000) after the neckline gave way. This scenario has now succesfully completed.
With the market over the longer term downtrendline, it is time to look at likely levels near term; Looking at Fibonacci's, 9100 is only the minimum correction level (23.6%) of the entire drop since the all-time highs. More likely it is to see a further rise where the standard 38.2% Fibonacci level could see better resistance initially, around 11100.
Best to play shortterm with this in mind. Dips should see support at the midline of the Bollinger Bands, approaching 7000 fast.
With the market over the longer term downtrendline, it is time to look at likely levels near term; Looking at Fibonacci's, 9100 is only the minimum correction level (23.6%) of the entire drop since the all-time highs. More likely it is to see a further rise where the standard 38.2% Fibonacci level could see better resistance initially, around 11100.
Best to play shortterm with this in mind. Dips should see support at the midline of the Bollinger Bands, approaching 7000 fast.