SPL chart, page-298

Hi Peony-Rose

Back on the 28th of June I wrote this post Post #:54131802.

In that post I thought that could be buying opportunities in the 1.27 - 1.39 range.

That was pre this maybe mini black swan event that just hit SPL.. Its difficult to forecast after these types of events , news from the press not great , sometimes they linger, sometimes they pass over quickly. Need to see how the market plays out over the coming days, but we already hit a low of 1.365 which is already within my initial range.

That's what these events can do. I suspect low 1.20's is possible, That's based on the following down waves.
(a) wave 2.52 to 1.605.
(b) wave bounce upward 1.605 to 1.84 Ret 25%
(c) wave extentions downward Ext23.6 = 1.39 (which has already been breached) Ext38.2% = 1.225 (which under the circumstances has to be considered) Ext50% = 1.145. There could be support at 1.25.

In the next short term charts I'll be looking for the short term bounce by bargain hunters, how low it goes before the bounce and then how big the bounce is.

Just my opinion , as always, DYOR.

Go Well Peony

cheers Lies