Looking at similar waves patterns in the charts and studying these channels It certainly looks like we are headed lower after a possible bounce to the 550-555 area. Targeting 490 to take profit. (a number that keeps popping up in this and other fib studies)
Playing this through from the other day, followed your red 3 wave completion pretty nicely, good work!
I'm not sure there are many who'd have put money on the 451 in between!
JustFish
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Hey John, it was pretty insane, happened so quick. A few chartists who have been speculating about margin calls on bfx managed to catch some of the action around the 460 area. I just put up another chart that looks at the wave structure as its unfolding and the possibility to see another spike low in this current wave. tradingview.com/v/tuHUJh3R/
johnrfraser
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Nice. Right down to the foundations ;-) Yes I see 490 - 498 a possibility if this doesn't shoot off upwards from here.
I'm not sure there are many who'd have put money on the 451 in between!