Trend:
Looks like the rollercoaster ride has reached a peak and the descent downward should be fast and steep.
Indicators:
The SSL Hybrid baseline has finally turned red on the four hour chart. This signals either the beginning of more downward action, or a heavy sideway consolidation.
The Zigzag Harmonics did not print a buy signal which supports the theory of more downward correction.
Thoughts:
A Fib retracement was drawn on this four hour chart and looks like OPEN can possibly test the 61.8% or 78.6% which is somewhere around $3.50 to $3.20. If OPEN drops below $2.90 then it is no longer a retracement and may see much lower prices. If OPEN remains strong, and consolidates instead of testing lower fib levels, we should see the price float between the 50% and 38.2% fib levels. If for some reason good news breaks out, or we get a full tech rally, then expect OPEN to launch back up into the recent highs. In any case, this seems to be the beginning of a heavier correction, so trade with caution.
Looks like the rollercoaster ride has reached a peak and the descent downward should be fast and steep.
Indicators:
The SSL Hybrid baseline has finally turned red on the four hour chart. This signals either the beginning of more downward action, or a heavy sideway consolidation.
The Zigzag Harmonics did not print a buy signal which supports the theory of more downward correction.
Thoughts:
A Fib retracement was drawn on this four hour chart and looks like OPEN can possibly test the 61.8% or 78.6% which is somewhere around $3.50 to $3.20. If OPEN drops below $2.90 then it is no longer a retracement and may see much lower prices. If OPEN remains strong, and consolidates instead of testing lower fib levels, we should see the price float between the 50% and 38.2% fib levels. If for some reason good news breaks out, or we get a full tech rally, then expect OPEN to launch back up into the recent highs. In any case, this seems to be the beginning of a heavier correction, so trade with caution.