Rising Wedge Leading to .618ish retrace

8 abr 2019Getting ready for a retrace in the next couple days, down to black trendline and coinciding 200 EMA and .618 Fib retrace for support before another consolidation period and the next bullish wave. The falling black trendline is drawn as an extension of the highs of the large descending triangle starting way back in March of 2018. See pic below in comments.

8 abr 2019

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9 abr 2019

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Dropped the below the lower support line and there has been very little volume to push it back up. It is just a matter of time before we drop to 5000, where there is good support. Then I would expect to complete the retrace to the 4650 range. This will coincide nicely with the .618 retrace, the black trendline, and the 200 EMA (on the daily timeframe)

10 abr 2019

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Very low volume continues...the longer this drags out, the bigger the fall will be.

11 abr 2019

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And the first drop to 5000 has finally happened after a little fake out pump yesterday. Attached is the completion of my original idea with a further drop to the 4650 range shown on the daily chart with the 200 EMA and .618 retrace converging for some major support. From there we should see a period of consolidation before the next bull impulse wave back up to 5500.