What If!???
As suspected, last weeks bounce was subsequently a failure and we continue down today. After dropping some FIBs on the daily, I noticed something strange. I rarely use patterns and tend not to take them as seriously as trading fundamentals like support/resistance, trend lines, double tops/bottoms; however, I see this as a possibility. With today's wick down and break of 24000, I am waiting to see if we get a bounce and rejection between 24700-25700 range and continue down or if we complete this CYPHER pattern with a retracement all the way up to 28300 before continuation downward. I am still BEARISH and will remain so until we break above the previous high or we get consecutive convincing higher highs and higher lows.
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