Hi FolksJust a follow up on my previous post. I included charts...

Hi Folks

Just a follow up on my previous post. I included charts in this post , firstly a Daily chart and then a weekly chart.

Remember from my previous post that the is a daily gap up of 21.12 to 23.00. Now from experience I have found that not all gaps are filled, As a rough estimate I have found about 40% unfilled and 60% filled.

So far we have seen a move downwards from a High of 33.49 to a recent low of 25.15. Downward A wave.

Currently we are experiencing the B Wave bounce ( often called DCB , a dead cat bounce) upward from 25.15. How far can this bounce go?

Fibs suggest Ret 23.6% = 27.11 , Ret38.2% = 28.33 and Ret50%=29.32 , so I suspect somewhere in the range 27.11 - 28.33. Looking at the weekly chart this DCB could reach up a touch the 10WMA green line around at the 28.30s.

Then we should begin a C wave extention downwards, this should become evident when the SP drops below the 25.00 level for a number of days.

How low can it go? Using Fibs Ext23.6% = 23.18 , Ext38.2%= 21.96 (would partially fill the gap) and Ext50%=20.98 (would fill the gap).

in the daily chart this gap filling looks a bit extreme, not so on the weekly chart.

As I said in my previous post I sold out entirely at higher prices and am looking to get back in at lower SP levels (maybe 21 - 22 level)

On the weekly chart I will be looking for the oversold signal to spend a couple of weeks when the Weekly RSI(5) level goes into the red zone at below 20.

Why am I looking back in at lower prices?

Looking at the bigger picture we have an A wave from 9.97 Mar 2020 to 34.42 Jan 2021 , Currently in the downward B wave from 34.42 to hopefully 22's ( roughly a 50% retracement) to be followed by the upward C wave extention to the 40 - 43 level.

Just the way I deal with the markets so that I am not surprised by what plays out, as always DYOR.

cheers Lies