Price action today....
Puked out at the open to finish yesterday's tumble... hit the 3.25 target step and bounced back to the 3.40 , let's call it first resistance now, and then finished the day hanging there. What could we see tomorrow to finish the week... well, finishing the week doesn't necessarily mean finishing the wave pattern. And this one now looks to me like it has a chance to keep playing out for several more days , developing the chart pattern. By this I mean ... starting with the spike pivot low at 3.25, it bounced back 20 cents and made an impression. The 'spike tail' it made on the candle often happens in a "bottoming" pattern. Maybe a few similar spikes to come. But in the overall downwave, we must wait and now watch what happens at the resistance zone, like what's happened since the 6.80 peak, the bounces hit resistance, roll over, and tumble down lower. This pattern hasn't stopped yet. Now I watch the next resistance from 3.45-3.55-3.60 area to see if selling force attacks there, and sends the price tumbling down to lower lows and the main target around 3.00. I like 2.90/2.80 as well. But step by step, it bleeds down to develop a finished Bottom, until Good news stops the bleeding down game. Here at resistance 3.50, a balance point, the next key trade targets look like 4 dollars or 3 dollars. The downwave move would look on the chart like 3.85 to 3.00 and the 'upwave' move would be 3.25 to 4 bucks.
Do you think 3.25 will print as the major cycle Bottom? Mmmmm..... 🤔 ... 🎱...🤡 ... 🧐 ... I dunno... I'm still thinking 3 dollars, 2.90,2.80... let's see how it goes. First... we watch the resistance overhead, and if price gets whacked down from there.That would be a fair clue.
