9k is crucial, not just because it is a round number. There are major fibs clustered tightly around there. Each fib adds to the cumulative energy of this level.
One does not need fibs to see its relevance. This Perfect Storm will be relevant FOREVER. This level is ingrained into humans and computers.
One can expect rejection on first or several approaches. If broken and confirmed as support, it will be a strong one. If rejected and falls away, it will be very difficult to come back.
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Part of my ongoing series to collect examples of my Methodology: (click links below) Chapter 1: Chapter 2: Chapter 3: Chapter 4: Chapter 5: <= Current Example Chapter 6:
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Ordered Chaos
every Wave is born from Impulse, like a Pebble into Water. every Pebble bears its own Ripples, gilded of Ratio Golden. every Ripple behaves as its forerunner, setting the Pulse.
each line Gains its Gravity . each line Tried and Tested. each line Poised to Reflect.
every Asset Class behaves this way. every Time Frame displays its ripples. every Brain Chord rings these rhythms.
He who Understands will be Humble. He who Grasps will observe the Order. He who Ignores will behold only Chaos.
Ordered Chaos
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Breached but Failed break out
As you know, we breached 9k round spiked a little higher, then dumped
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Zoom IN (4h) To see what stopped the first drop It was the -0.618 extension of the first wave up from 6400. I had that on the original chart as well, because that is a very relevant extension.
The way I "normally" do things it would have been a "+1.618" rather than a "-0.618" Same thing, slightly different meaning to me. Using the "negative" extensions is often my first step in identifying an Impulse and confirm fibs. In this case, since wave was just starting, I wanted to keep an eye on the retracement levels as well. Anyway, no big deal, just wanted to explain for followers that not used to seeing "negative" extensions on my charts.
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Zoom IN more (15 min) to see the action around Fibs up close Up top some exact Pings on the resistance zone boundaries. at bottom an exact ping on the purple fib in previous picture.
Also of note, the many precise pings on the cluster of fibs That tells me all those fibs are still relevant.
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Zoom OUT (4 hr) with possible EW count it is very possible we just completed a wave 3. This pullback could be a wave 4, and then a wave 5 to come maybe. Once I see where this pulls back to, I will be able to project targets for wave 5.
But now now I have posted a preliminary guess a this New Idea (click):