The chart is in and of itself pretty solid explanitory. A couple of rules to bear in mind :
Parabolic moves can retrace up to 80%- do I see that happen? Its allowed to, but in order to do so it would be a lot bounces on the way down through some serious support levels.
A trend will retrace 50%, 80% of the time. It has done that, and found support, albeit violently, can it stand another slam? Who knows, but what the fib shows a lot of support at both psychological and fib levels.
Is the bottom in? Hard to say, the holders may not be having fun at the moment, but the swingers should be singing... And 330% swings are.. A lot better then the 1% at the bank!
Parabolic moves can retrace up to 80%- do I see that happen? Its allowed to, but in order to do so it would be a lot bounces on the way down through some serious support levels.
A trend will retrace 50%, 80% of the time. It has done that, and found support, albeit violently, can it stand another slam? Who knows, but what the fib shows a lot of support at both psychological and fib levels.
Is the bottom in? Hard to say, the holders may not be having fun at the moment, but the swingers should be singing... And 330% swings are.. A lot better then the 1% at the bank!