DislikedThe 5-minute chart is currently contending with the 50 moving average. I've also drawn a fib retracement of the move down. CCI looks stretched on the 5-minute too. For those currently short from much higher, I would not add here. But for those that are not yet short, I might consider a very small position with the understanding that I'd be adding more if we go a bit higher. {image} However, if you can be more patient you might get a better entry at ~163.30, again, with the understanding that you'd add a bit more if we go higher. Hopefully the 50...Ignored
Just wondering, to get the wave 4 retracement of wave 3, am I doing this correctly, to put fib on the wave 3...?
The .382 retrace is 163.25, which is close to your 163.30
Then the 1.272 extension to wave 5 gives us 161.87, which is conservative.....Thanks