It is hard to find foot hold in this market ATM one day will be over but when?
But no worries according to media we have just coooooooooooooorection.
Technically 10730 is no support any more, retest lows turn in to new low so without quick rebound form middle of nowhere which can be seen as we had fake breakout lower and bear trap. Turning points as per chart below:
We all know this setup, higher low just where it starts or new low.
10300 nearest support
Price @ 61.8 retrace measured on rally from Jan 2016
When was working with weekly chart back in summer and September ( https://www.tecet.net/?p=1101) it was a bit embarrassing to see probability of bear market or prices we have right now. Looking on chart technically only give us sometimes overshoot targets or wrong signals We have in play not just price but behind there is economic events and fundamental reasons. This time is pure sell off and market still have much more room to absorb. 10 years of bull market for example can be corrected between 30-60% and still be long buy cycle while will trade on lets say 2015 lows?
Lets see what 2019 will bring to table.