There is no volume down here.
And also, the 786 Fib retrace is .2957 m/l, which just so happens to be the place we retraced to; close enough for government work, as they say.
I personally hate to see it do a 786 because that pretty much means we have a sideways consolidation set in concrete, IMHO. I was thinking we had a rare sighting of a Gartley.
Now we wait on news. And watch the action on the bid & ask to see when accumulators begin tho make stealthy nibbles. IMHO, we basically have to resign ourselves to a siideways pattern until the next news.
In that there is a fixed date on the upcoming product release, I'd say that we are not looking at a black hole here. It will actually be a buying event once we see a sign of strength in the chart.
I'm watching to see if there is evidence of buyers appearing & I am looking for a hammer or some other chart pattern, accompanied by volume, that tells me a real bottom has been put in.
Till then, if there is neither buying nor selling interest, we basically wait. If you guess right, you can time the buy because, as I noted, we have a known timeline for news coming down the pike.
But if you time it wrong, you have dead money for a couple of weeks, max.
I think that is what people are doing.
Smart money will nbble at it an accumulate. Impatient money bail at or near these lows.
What makes a bailout here a dumb decision, IMHO, is that we only have a couple of weeks max to sit on the thing, and thus you are better off, IMHO, being in it and being sure you have a good price basis for when it moves up. Otherwise, when the known upcoming event begins, you just might find yourself chasing.
A Gartley is a rarity & I was really hoping to get to trade one. I'd hoped we had seen a rare sighting, LOL.
All IMHO, of course.
Imperial Whazoo
Thats the way I see it.
"Just my opinions, folks. Do your own due diligence & make your own decisions. DO NOT... I repeat... DO NOT make any investment decisions on my comments. They are my opinions. That's all they are... OPINIONS."
