The question is : can we go down more ? Lets have a look on 4 hour chart:
If Head and shoulder is in play then target is 8k . Where Fib retrace 0.618 is . Yes the golden ratio.
If we see the fall from the top, then the sharpest fall is from 9400 to till now which means we are in third wave.
As per the guidelines, middle of third wave being steepest slope so this is 3rd wave, that means we will have another wave 5 down.
How much down it can go? If third wave come out as longest wave then guidelines says , 5th wave will be equal to first wave or 0.61 of first wave.
So these things are pointing that we will fall more, lets wait for wave 4 to build.
As we have retraced few in wave two then we may retrace more in wave four. Lets see where the wave 4 start and where it will end to start wave 5.
More in next update soon.
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