Bearish Possibility
This is a potential path for the bearish theory.
As we can see on this downtrend, every time we retrace 0.618 of the previous move we down.
First confluence : FED meeting goes bad, we drop to fill the gap that are not filled near 400, this lead to around 395. Let's say we go down the same % as the last drop, this also lead to around 395.
Second confluence : I took the volume profile indicator from pandemic bottom to previous market top, we have a little air pocket which could lead to more volume support at 380. This is also a fib retracement staring from pandemic low to previous market top, but also the mark for a 20% drop which lead to the bear market.
As we can see on this downtrend, every time we retrace 0.618 of the previous move we down.
First confluence : FED meeting goes bad, we drop to fill the gap that are not filled near 400, this lead to around 395. Let's say we go down the same % as the last drop, this also lead to around 395.
Second confluence : I took the volume profile indicator from pandemic bottom to previous market top, we have a little air pocket which could lead to more volume support at 380. This is also a fib retracement staring from pandemic low to previous market top, but also the mark for a 20% drop which lead to the bear market.
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