So Friday came and then Monday came and we are going straight down. At this point we are back inside our channel, we have normalized(somewhat), but we want to know how low can we go before we have some support. The answer is we dont know but we can use Fibonacci retracements, and more specifically cluster retracement to see where we get these magic numbers. The most common support or resistance level for Fibonacci is the 0.618 level.
The levels are at 0.50 : 2637, at 0.618 : 2586, at 0.786 : 2508.
So we are close. Be patient, hopefully you still have cash to put to work...the bull market is intact....based on technicals and the fundamentals are super...
The levels are at 0.50 : 2637, at 0.618 : 2586, at 0.786 : 2508.
So we are close. Be patient, hopefully you still have cash to put to work...the bull market is intact....based on technicals and the fundamentals are super...