market downturn, page-4

Second the gap closing.

Being down 10+% will trigger a few stoplosses with yesterday buyers (if it didnt already).

Fibonnacci retrace possibilities:
23.6% @ 0.44 (broken)
38.2% @ 0.395
50.0% @ 0.360
62.8% @ 0.325

The 38.2% fib line is likely to be hit now that we're through the 23.6% line. This would almost close the gap so it may well touch 39c and bounce.

Glad I exited yesterday arvo. It was a hard call to make and I traded in and out a few times as the market ebbed and flowed. Took a haircut on what I bought in the morning. The 700k @ 48c ultimately told me it wasnt going up soon and that the risk/reward wasnt there.

Suspect the US will be nasty again tonight which wont bode well for tomorrow.


I'll be back in, its just a matter of when.