Presented here is the "Golden" fib that captured the last big leg up. Golden fib as in it grows at true parabolic rate of 1.618x at a time. This crash and the Corona Crash both stopped abruptly at a fib.
If that was not the bottom, we can look to the next fib below. The Gold fib at $7908 would be a possible target for next leg. But given how "loud" that Ping was, odds are that was bottom.
Note: If you see blurry numbers on the chart, that is a TV bug. Click Here for a SnapShot, hopefully will clear numbers/levels.
Markets quite often ask "Give me a ping Vasili ... ONE Ping only please?" Some Pings are so clean you can almost HEAR them resonate off the chart. Such a Ping causes the Price Wave to STAGGER as if it received a concussion.
Not all Pings start a reversal, but Most reversals start with a Ping. Every Ping increases our confidence in the entire set of Ripples. When the Pings stop, it is time to find the new Impulse at work.