*EDIT*: Please ignore the big chart. The analysis is below.
Hello traders, We had a 0.786 retracement of our recent high. A move down to the reciprocal at 1.27 would complete this ABC retracement. The Potential Reversal Zone (PRZ) is 8193.66-7522.96. *EDIT*: Yes, that should read 1.27BC, not 1.27AC.
For fun, I also charted out an AB=CD pattern for the potential measured move. A high for this short corrective triangle of 10558.58 would give us a perfect 0.382 retracement, with a reciprocal of 2.618. 2.618BC and AB=CD coincide here at 7708.12, which gives us another target within the PRZ.
As you all know, the price should find plenty of support at those levels.
Actually I goofed. the 0.786 is from the second high at 13202.63. I'll have to redo the chart in the morning.
Catatan
Correct AB=CD is 8188.77, giving us a much smaller PRZ. It also changes the current triangle from a midway point to 0.618, which would make sense if we were in wave 4 with an extended wave 5 down to the target.
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