We are done with the 5 Elliott Waves up and ABC correction follows them. We now appear to be in the "c" wave after "b" has been rejected again at 0.382 Fib level again (Red box).
Bulls had this support initially but once the Bears overran their position, they are using it create resistance . Bulls tried to take back this position, but 2 of their attempts failed. I'm guessing Bulls are exhausted now and the Bears are taking advantage of this and are attacking now.
Bulls will try to defend their positions using the supports between 0.5 Fib ($529) and 0.618 ($502). Traditionally, 0.618 acts as excellent support and pushing till there would mean Bears supplies are running thin, giving a chance for the Bulls to counter-attack and recover lost ground and push onward to $700-$800
Hope you liked this tug-of-war narrative
Stay Safe!
Bulls had this support initially but once the Bears overran their position, they are using it create resistance . Bulls tried to take back this position, but 2 of their attempts failed. I'm guessing Bulls are exhausted now and the Bears are taking advantage of this and are attacking now.
Bulls will try to defend their positions using the supports between 0.5 Fib ($529) and 0.618 ($502). Traditionally, 0.618 acts as excellent support and pushing till there would mean Bears supplies are running thin, giving a chance for the Bulls to counter-attack and recover lost ground and push onward to $700-$800
Hope you liked this tug-of-war narrative
Stay Safe!
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Higher time-frame
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Don't you love TA and Elliott Waves
