As expected, bounce from 180 did not hold Bounced up 2 fibs EXACTLY, then resumed drop.
Zoom IN (m1) That is what I call a PING, an exact and violent ricochet from fib that you can almost HEAR emanate off the chart. And my thought "Not all Pings start a Reversal, but Most reversals Start with a Ping"
Zoom MORE (30 sec) and adding a Gold/Blue fib to our bounce the local 6.853 extension lines up with the Genesis fib at 179.9x. No wonder it rejected, and that may be a top for a while.
Zoom OUT (h8) So now the $157.16 Golden fib just came into sight Could be a quick drop through the wide open space.
Per last post, it was a pretty quick drop to almost the golden fib with a pretty strong bounce just from just above the golden fib at 157.16. That means considerable strength to not need to power of the Golden fib to bounce.
.
Zoom in (M15) and include the "Covid Stimulus" fib in dashed lines: We see what it bounce from, a Covid fib at 161.92, just above and reinforced by our Genesis fib at 157.16. Bounce got above our originally targeted Genesis fib at 179.94
Now to see if Bulls can establish $179.94 as support.
Zoom in (m15) Was range bound between a Genesis and a Covid fib, but looks like bulls are about to lose the $179.94 fib, so watching Covid fibs below at $170.95 and $161.92.
.
Zoom in more(m1) And we have a PING, as in "Give me a Ping Vasilly, One Ping Only".
And my rule: "Not all pings start a Reversal, but Most reversal Start with a Ping"
.
SUMMARY: - Still think bottom is in but some retrace in play. - Watching Covid fibs below $170.95 then $161.92.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.