Weekend Charting and Chat. 7Mar/8Mar

Hi @redbacka ...  Not trying to steel your thunder but to assist. I see last week's Weekend thread got duplicated.

Anyway, I thought I would again start(an official thread) ... but just post my observations on the XJO as I know you will post your excellent usual US report after tonight's close later.

Pls excuse the copy of last week's opening CRANKER ... with a minor 'addition' .... as I still think it is valid!



XJO Close ... Hmmm! Finished at just below a very interesting level in both Time and Price. Of special interest is the equality/relationships to this "falling knife" correction to previous Bear waves since the 2018H. Firstly, our close today was just beyond wave parity of the large 2018 corrective wave and again almost exactly 2 x the length of the largest 2019 correction. In addition, the Time of our current fall is exactly the same as the 2019 fall(cd's over the weekend and td's...come Mon). SO TIME and PRICE ... 1:2! and PRICE 1:1. Coincidence ... probably but also maybe!

Unfortunately, today's close was also the 1st below the 50% retrace of the 2018L to the 2020H Impulse. SOooo that means very likely we are heading to the next important FIB retrace zone(0.618% of that range ... = 6093). Now, to support this objective is the minor Fib Range 4.236% extension 'target'(6095) that has provided, albeit brief, supports on the way down so far. Again, today's close was just below the 3.618% extn level signalling a move to that 4.236% level(6095).

So will it be GANN who wins out or FIBONACCI ... that is the question? Very likely neither but when you are foolish enough to try to catch a falling knife can't think of better ways to "guess" levels ... for a nibble(with tight stops) anyway.

Regardless, I see the 2020H(so far) as being the year's high and therefore feel that any reasonable rallies in Time and Price from where this finds a low should be shorted into ... Just my opinion!