WHK chart, page-383

Not an expert but will have a go.

When an SP spikes this hard, there are a few indicators that chartists like to use to measure the retrace.

But first of all here are the indications that told folks that the SP rise was becoming exhausted.
1, RSI went above 80.
2, The red candle (circled) failed to open or close higher than previous day.
3, MACD began to roll over.

So we now move to the retrace and surprisingly the SP has already fallen through the 62% Fib and is now back to bollie median levels. My concern about the median not acting as support is the velocity and strength of the retrace therefore I'm putting my money on the 78% Fib as support. If I'm wrong then it's back to breakout level (low 1's). IMO.



This below hourly chart demonstrates momentum best and is easy to watch for those playing at home. Really important to see the SP printing green candles up above that yellow 8ema. and this will happen in conjunction with MACD crossing to the positive. Until that happens then don't get in it's way as it will fall straight through any buy orders. Always best to buy a rising stock not a falling one even if that means paying a higher price. Protect your capital first and foremost.



All just my opinion.

Cheers.