Two weeks after I exited my position at 0.31601 to re-enter at a lower level I finally am vindicated as price drops to 0.30 overnight.
We can expect a retrace up to the 0.31 level, the 0.382 fib of the recent drop. Its possible the retrace will be limited by the HA(P+S1)/2 level at 0.307.
Normally I would expect the (P+S1)/2 level to provide short term support, but due to the length of last nights move I don't see us pausing there as it would violate Wave 3 rules.
Below here its entirely possible we could see wave 3 ending at 0.265 with the end of this move down ending at 0.22-0.23.
We can expect a retrace up to the 0.31 level, the 0.382 fib of the recent drop. Its possible the retrace will be limited by the HA(P+S1)/2 level at 0.307.
Normally I would expect the (P+S1)/2 level to provide short term support, but due to the length of last nights move I don't see us pausing there as it would violate Wave 3 rules.
Below here its entirely possible we could see wave 3 ending at 0.265 with the end of this move down ending at 0.22-0.23.
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These are my 3 entry positions. One has already been filled.
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It looks like Wave 5 is ending at the 1.0 fib of Wave 3. I did sell the one position filled at the 0.382 bounce, currently at 0.50.
I will be repositioning myself lower based on what the correction top is starting at 1.0.
I will be repositioning myself lower based on what the correction top is starting at 1.0.
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