- We haven't seen a SFP and "just" bounced o f a HTF Daily support level. Should we reject from the W (yellow, dotted since traded), I expect another leg down into the 1:1 trend based fib extension.
- However, flipping that W(eekly) S/R Level into support, should bring us up to 35, if not 38. Unlikely, but possible, the highs around 40k could be taken too, while I believe they serve better for a re-visit at alter point - sometime...
- Ensure to add VPFR(s) to get VAL/VAH/POC on this "bounce".
Long story short: I can see some relief but doubt the bull market is back and expect lower - rather sooner than later.
Note:
- I am sharing my personal point of view based on my own analysis - which is a lot more in depth than shown on the chart(s).
- The mix between a "simple" Chart while still providing enough context to make sense of it is a matter of taste. Like it or not. However, I, personally, "hate" those people throwing a line on the chart leaving the audience in doubt completely.
- I don't care if I am wrong or right. My plan could change within 15 minutes without me sharing an update. Therefore take this is an idea rather a setup.
- In no way, I am sharing any kind of financial advise.
