I understand how crazy it all looks when we see these giant shattering moves,and especially puzzling when it comes off of good news, maybe misconstrued, maybe intentionally, who knows why the wall street players decided to slam it down like this. But, I believe price most often moves from technical algo trading on wall street, price follows math patterns,and those rare moments when Fundamental news moves the price alot and can shatter the technical picture for a while, until it resets itself and begins moving along technical math algos again... right now we saw the big shattering move. and these next few days should be a dust clearing time ,looking to settle down and regain some kind of technical price movements that can be measured and will show some return to a technical movement pattern. I'm measuring and examining these early price points as they develop to see what the picture starts to look like. At some point the selling will subside and buying will become stronger, and one can examining that strength or weakness as it plays out in coming days and weeks.
I dont give up on technical analysis just because these chart shattering moments happen. They happen. and then the chart resets and the technical price action starts up again in developing forecastable math patterns.
I like to look at the Fibonacci math patterns and shape the picture in relation to Elliott wave patterns. The dust may not be settled yet here around 6 dollars. The entire Bottom complex from 6.50 to 5.30 has to be seen as in play right now. so far stopped at 5.75 step. It could test the lower targets. or it could hold. we should see this week where it targets from here. Overhead targets in this technical chart look to me like 6.30-6.80 area to watch for resistance to cap the rally bounce. On its way down from the giant plunge we saw it first peak at 7.40-7.20 area,then holding at 6.35/6.15 and at one point slid along 6.70, so thats a resistance target zone, and we see 6.15 resistance today, so this price action tells me the technical patterns are starting to resume again. We will see more clearly this week as the dust clears more. After such an extreme plunge from 8.70 to 5.76,its easy to think this 5.75 Must become a Finished Bottom, but I suspect we could see the entire Bottom zone tested,if the tricky game gets played like this. I'm interested in this bargain zone around 5.80 but cautious that we could see lower bargains still to come. Hard to guess. A bounce that Caps at 6.35 could get sold down another dollar to target 5.35. You can see the 1 dollar moves in the patterns. up and down. there is a target at 6.80 for this 5.80 support to rally to. ------------------------------------------------------------------- MRKR chart
News 
Market Data 
Discover 
AI
