Hi folks
Just a followup of my post of 11 Sep. Its played out fairly close to my expectations. That's why I do Fib analysis, so I am not surprised by what happens.
Firstly the daily up gap that occurred 7-8 Sep of 0.565 to 0.59 was filled.
The big upward Fib A wave 0.03 to 0.97 set up for a B wave retracement (there was always going to be a significant profit taking event after such a big rise). The retracement possibilities were Ret 23.6% = 0.74 , Ret 38.2% = 0.61 , Ret 50% = 0.50 and finally Ret 61.8% = 0.39.
Well the current SP is 0.52 approaching the Ret 50% = 0.50 mark. I suspect we will put in the B Wave bottom in the next few days, maybe that bottom was put in today I don't think we are going much towards the Ret 61.8% = 0.39 I suspect that is only a very outside chance.
Secondly let look at the short downward Fib
Short downward Fib. Downward A wave 0.97 to 0.615. I was expecting a B wave up bounce in the coming days which we got yesterday going back up to 0.80 ( almost perfect Ret 50% bounce).
That set us up for the final downward C wave extension. Expected downward extensions were Ext 23.6% = 0.53 and Ext 38.2% = 0.48.
We are currently at 0.52 so this short downward fib prove useful.
Finally we cut across to 10DMA line and the RSI (5) is currently down to 38 (which is heading towards over sold) , I was looking for it to go under the 40 mark.
So the big upward Fib worked pretty well in predicting a retracement level , as did the short downward fib. There still could be some more downward action in the coming day and we might even reach the 0.48 level.
This is setting us up , in my opinion for the Big C wave long extension upwards. I will be looking for the SP to pass the 0.80 short bounce upward level before confirming that the big b wave retracement is complete.
Lets look a possible Big C Wave upwards targets
Ext 23.6% = 1.19 , Ext 38.2% = 1.33 , Ext 50% = 1.44 and finally Ext 61.8% = 1.55. I favour Ext 38.2% = 1.33 before the next big profit taking event occurs.
These are only my opinions and how I operate in the market. Using fibs I was not surprised by the recent market action.
As always DYOR
My final words in my last post were "good luck folks , dont panic"
The same applies now.
cheers Lies
https://finance.yahoo.com/chart/BRN.AX#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--
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