I have been looking at different ideas on a bounce, the .786 is usually pretty good on the first bounce since traders get scared and mad to lose 75% of their profit and start dumping and are a little less likely to sell the second time. LOL
IF for some reason this breaks below the 2.85 area, I like to use the fib 1.618 extension to the downside, which also happens to line up with the gap fill area.
Do you mind if I ask what you are seeing at the 2.76 area for support? Always open for new ideas. TIA
And yes, I agree, another fib .786 is a stretch at this point. A couple other ideas I like are the fib .618 retrace from the last swing low. And another theory suggests that the size of the opening of the consolidation pattern will be the close to the size of the next move (purple lines), and that could be for a break up or down out of the pattern. I do find it interesting that no matter what idea I look at it, they are suggesting a gap fill?
Again, I think the price has a good chance of going back down to the MA's especially if the 2.85 low fails to hold as support.
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