With the move over the last few days confirming the break of the major pattern that has been in focus for a long time, price has now moved below the major trend line and confirmed that all support has broken.
The first target to the downside is ~3,000, the projection of the height of the pattern from the Feb high to the base of the pattern, a 50% move.
Should price continue to move even lower through that level, the move off the all time high to the February low was of 70% in magnitude. Taking that move from the base of support would take price to 1,800.
Given how long buyers attempted to hold the support level, expect price to move very aggressively toward the target. Attempting to buy before any significant low is confirmed is a recipe for disaster.
I'm going to watch volume on this bounce.
I was expecting we bottom here, but now I'm not that sure any more.
Volume may give as a clue...
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no shit (-:
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Nice, my target is $4400 to $4800 area.
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