Usually there is 161% retracement (261% to the deepest point) of the length from the point where bears stopped taking profit (128.658 in this case) to the bottom of the formation; this occurs in two phases, first bears get anxious and want to pull out, happens the first pull back, then others see the opportunity to join the bear, rapidly falls the price, and those who where in doubt now take their profits, occurs the second pull back, finally those willing to see blood (usually media, newbies or late ideas driven) take the last phase down, but there is no more market willingness to go short at this time, therefore some bulls spot the weakness and start accumulating, then price moves in the mentioned ratio, first 61% above the maximum first reversal, then completes 161%.
It is crossed with the longer term support (where there was a lot of activity rather than the extreme), finally the resistance is the same channel created from a lot of trades along time.
Both give 132.
In this case, it gives time around the end of this week, May 1st or early next week.
It is crossed with the longer term support (where there was a lot of activity rather than the extreme), finally the resistance is the same channel created from a lot of trades along time.
Both give 132.
In this case, it gives time around the end of this week, May 1st or early next week.