This is a followup to my longer term outlook posted here:
This massive drop was a little beyond my previous expectation, and the steep slope is quite alarming. But I think we are nearing a temporary bottom, and probably about to do a ''Dead Cat Bounce'' for a wave 4. Then I expect one last dip for before any real recovery.
The green zones are where I see support. The wave (c) I have drawn is my ''best guess'' for the actual bottom.
Of course, at any time a Trump Tweet could tank the price another $10 in an hour :(
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Well it plunked into my target and is sitting there But maybe now there will be a dead cat bounce with yet one more low. Will evaluate further.
Zoomed way into the 5min chart, the zone I had identified is certainly noticed. But it went slightly below. Am looking for clues that I may have missed for that exact bottom. Or maybe it was sheer momentum that even the final Fib had to give a bit.
Putting a Fib on the first impulse of the bounce, the extensions seem to line up nicely with previous zones. So this bounce is IN-SYNC to the overall rythm
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I have posted an update with short term view (15 min) of the bounce, and analysis of the strength (or lack thereof) here
@EuroMotif, any updates to oil since it's still moving down? TIA
EuroMotif
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@ajschmidt100, Hi. I am baffled right now, the moves are not fitting any of my TA methods yet. But some new fibs are coming into focus, and I will probably post a new idea next week...