The only this we can say with certainty about the bottom of this market is we are 24 hours and $30 closer to the end than we were yesterday. But, of course, that is unsatisfying to say the least. So let’s indulge in a bit of speculation.
The 60-minute chart us the market found temporary support at a Gann 2×1 line, and is approaching the 5th arc. While there is no guarantee that hitting the 5th arc will mark the end of the bear market, it is likely we will see a bounce when/if we get there.
So when will we get there, and at what price?
On this short term chart, I see two energetic times in proximity. The times are 20 and 22 hours from this writing. That would be a reasonable time to think we might hit the 5th arc. If we hit the 5th arc in 20 hours time (blue star), we will hit it at ~ $318. The top of the square is another target (red star). It is sitting at $336.
The daily chart may be more meaningful from a long term perspective. This setup shows an interesting convergence of three items. The top of a square of a longer term setup, a 2nd arc from the current setup, and an energetic time. They meet at the same place in price-time in ~ 4 days, at a price of ~$315-320. I find this convergence quite interesting and will be watching it closely. I think you might want to do the same. Todays seller ratio shows we have more buyers than sellers.
Happy Trading all!
Images from Shutterstock.
Last modified: March 4, 2021 4:42 PM