First slingshot in A point. And then create Fibo levels from A. Good fact is topped price reached at 423.60% before and now in down progress. Usually good bounce points are 161.80% or 61.80%. Now touched 161.80%.
Still A is starting point for Fibo slingshot. No need to consider topped price and our current concern is price will stay above of 4.77/161.80%.
If support fail in 4.77/161.80%, the price will go down to 4.15/61.80% where marked as B.
Asked from email for which. My answer is this can be right.
This can be right too. I prefer use this one because 4.60/61.80 level is staying just below.
Using both and we can catch B area has many supporting levels.
B is still best candidate will work for support. And we analysis by downward Fibo levels and you can see green 261.80% levels at B area. So my conclusion is B is best place to bounce up.
Feels are complicated. But there are many possibility where be nice bounce point. So our job is if possible draw significant fibo levels and slingshot lines to see where can be best candidates. Normally many levels/lines gathering spot like B can be considered best candidate.
If we looking enter to buy, definitely need to wait until price will be reached at B area.
So far we are talking about continuous price down . But if price going up from current low like 4.47/61.80% Fibo 0.786 slingshot upward line, just hold this until reach any significant topped 423.60% level.
Actually this is a forecasting job where this will go. The price move is affected by stock itself, market index, or other possible matter. Not easy work but at least we know where can be work for support.
