back when it was fading down early in the week from the 5.80 area and when it failed to hold 5.40 support, it just seemed like this wanted to retest 5 dollars. and we just had to wait for it . the intermediate steps along the way down, worth noting as magnetic target steps, 5.30/5.20/5.10. looks like these 10 cents steps happen, bouncing up and rolling over and down 30 cents, up 15 and down another 30. etc, you can see the math patterns.
I wish I could say the pattern will stop at 5 dollars now, because thats a nice round number and an important support price in the larger picture, but the target at 4.90 also looks magnetic to me, as well as the lower ones 4.80/4.70/4.60 hard to say where this bleeding down will finally stop. The bullish picture would have had the 5.40 area holding,and certainly 5.30/5.20. but the lower it keeps falling changes the bullish look and starts to look like the whole rally is getting erased. The rally wave to the 5.83 peak started at 4.40. rallied 1.40. Now, would this retrace have stopped at the 50% retrace is 5.10. so this 5 dollar step is ok if it holds but loses more luster if it falls lower. It becomes a big range trade pattern to rally from 4.50 to 5.80 and back to 4.50 again. so if it holds ok here at 5 dollars and goes up a dollar instead of down a dollar, we can still sense a bullish force developing. Buyers failed to rally this from the higher support steps. will they put backbone into the price now at 5 dollars.
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