Fairly confident about my 'buy zone' here as it's derived from several approaches all converging on the same range:
1- 62% - 71% retrace of the rally
2- Completion of zigzag ABC correction (mauve)
3- Measured move off of pennant (blue)
..and now being confirmed by another smaller pennant (orange) implying a measured move to centre of the buy zone, 210 and 70%
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rivet.popper
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We are stretching down to your buy zone. Nice one. Where do you see price going after that for the upswing?
johnrfraser
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Thanks rivet.popper. If we do get a bounce from this zone I'm looking for some impulse upwards, something like this:
But the MFI on this 1D has peaked and has a long way to go down...and with 4xforecaster (and others) predicting targets in the mid/low 100s I'm very tempted to buy some here and put a trailing buy stop in to follow it down if it ditches beyond.
rivet.popper
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The bottom is in. This is just bots programmed to take profit and then buy more from scared noobs selling out before they push the price up to your 400 range. Keep the faith.