On 3-15 I drew an arrow from $8,100 down to $6,725 and I expect us to hit that target in the next 1-3 days. As it turned out the price ranged from $7,700 - $8,500 for a couple days before finally breaking support.
Now I am watching for $7,600 - $7,700 to turn into resistance. That would provide a favorable short sale entry with a stop loss just above $7,800.
I believe $6,725 - $6,775 will be a crucial area of support. It is the longer term bull trend (green line) and it will be the fourth point of contact. Most traders will not even consider it a trend until there are three points of contact, so the fourth could provide a solid bounce.
Now I am watching for $7,600 - $7,700 to turn into resistance. That would provide a favorable short sale entry with a stop loss just above $7,800.
I believe $6,725 - $6,775 will be a crucial area of support. It is the longer term bull trend (green line) and it will be the fourth point of contact. Most traders will not even consider it a trend until there are three points of contact, so the fourth could provide a solid bounce.
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