What I'm looking at is
a pattern playing out. Elliott wave system calls the current pattern a zig zag sideways Wave 4 , that is looking to drop down into a Wave 5 down to finish the downwave. That wave 4 pattern is ongoing still, and now heading down after a subwave C peak at the 19.50 resistance, now heading down towards the subwave D target area around 17.50 again. so the current downward action just needs to be watched. to see where it goes in the coming days. where will the next bottom pivot low happen. The target zone for this pattern is looking at the 17.75-17.45 area, which would be part of the Wave 4 pattern,it would become the subwave D, and from there ought to bounce up, and the main targets for that bounce would be to the 18.50 area and Fail (a very bearish clue for the downwave to continue) or a better rally to target the 19.50 area again ,which would become the subwave E in the Wave 4 pattern. and from that peak (subwave E) at 19.50 would need to be watched some more, to see where the sell down goes, to retest 18.50 and either hold support or fall down again to retest 17.50 and try to begin the Wave 5 downwave.
This is All part of the Elliott Wave 4 zig zag picture that is still ongoing. We wont know if the Wave 5 down has taken over until we see it fall to test 17.50. and bounce weakly to test 18.50 area and sell down stronger into the 17's and find the next completed Bottom below 17.50. Can you visualize all these track patterns? Thats what you have to be able to do if you want to understand TA charting.
Currently, the key takeaway for me at the moment is that the 18.50 support failed to hold today, which makes the bias more downward looking to me ,and now I'm watching to see how weak the bounce might be and where the resistance stops it, and the selling starts again. Today,I think the bias became a little more bearish and looking downward,to try and fall lower. The 18 step 17.75 and 17.50 area. The 1 dollar move targets 17.65. the 2 dollar move targets 17.50. (from the 19.50 peak) The Wave 4 zig zag pattern is still ongoing,so I'm just watching it some more.
