I drew the very long-term top trend line and the bottom trend line from the crash to the first point of correction, and wouldn’t you know it, they converge exactly on 1-28-21.
I then forced my retrace method to figure out what price we would have to hit for the convergence of those lines to line up with the .382 retrace to about 29220.
According to this we would have to get to 31352 to retrace to that point on 1-28-21.
This would be a massive drop, but it is also interesting that the top and bottom trend lines I drew on the RSI also converge at this exact moment.
Is it a prediction or just a thought? I will let you be the judge.
-FIB
I then forced my retrace method to figure out what price we would have to hit for the convergence of those lines to line up with the .382 retrace to about 29220.
According to this we would have to get to 31352 to retrace to that point on 1-28-21.
This would be a massive drop, but it is also interesting that the top and bottom trend lines I drew on the RSI also converge at this exact moment.
Is it a prediction or just a thought? I will let you be the judge.
-FIB
The prediction is in...
= FIB
= FIB