Final Target has been hit. Still expecting some wicks lower in the future.
I believe we have 3 likely scenarios:
1) We go sideways/trend down slightly for a few weeks
2) We get a decent bounce to the 45/46 area (thick orange line) to test former support and will likely get rejected to retest lows
3) We make new lows into the low to mid 30s
I think option 1 and 2 are most likely and that we are near the macro bottom.. assuming we dont get any unexpected news this week in the traditional markets.
I believe we have 3 likely scenarios:
1) We go sideways/trend down slightly for a few weeks
2) We get a decent bounce to the 45/46 area (thick orange line) to test former support and will likely get rejected to retest lows
3) We make new lows into the low to mid 30s
I think option 1 and 2 are most likely and that we are near the macro bottom.. assuming we dont get any unexpected news this week in the traditional markets.
