Longs have been highly profitable thus far, most profits taken off the table. Now we are at risk of a "significant" pullback, as indicated by fib extensions. I have lightened by bag considerably, and trailing a tight stop on the rest.
$ 8578/85 is immediate support, might hold for a while (a wave completed). $ 8419/25 is the LIKELY Target to start re-filling bag (25% at each fib). $ 8123/35 is MAJOR support that bulls must hold (my SL just under).
It is POSSIBLE that 858x holds as a local "double bottom", viable in uptrends. Most PROBABLE is a retest of the 8425 cluster which includes a Golden fib. Near term DANGER is a free fall from 8425 to 8125, not much in between.
Of course, I have had total FAILS on some ideas too, not going to pretend. But all of my plots show PRECISE entries, TIGHT stops, and EXACT targets. Precision is the way of the Fib. Almost every turn happens at a Fib Line.
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Comentário
Pullback Taking Shape
We might nearing a bounce point, as wave 5 down might complete soon
Just a quick heads-up ================================================================================
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