As far as trendlines are concerned we have more down.
Hesitation being observed at the 1.618 price extension of the move from 5145-4213 (3650) means that the new low will be broken, and whatever elliot wave I had before can be trashed. You can see that the red trendline has been holding motions on either side of it quite stiffly, acting like a sort of mirror. Motion will continue to go down and use the red trendline for resistance, the same way that it did when it dropped from 4800. The motion downwards is not going to be swift, but will clear the low of 3650 soon, the double zeros of 3700 will hopefully cap the upward motion
Hesitation being observed at the 1.618 price extension of the move from 5145-4213 (3650) means that the new low will be broken, and whatever elliot wave I had before can be trashed. You can see that the red trendline has been holding motions on either side of it quite stiffly, acting like a sort of mirror. Motion will continue to go down and use the red trendline for resistance, the same way that it did when it dropped from 4800. The motion downwards is not going to be swift, but will clear the low of 3650 soon, the double zeros of 3700 will hopefully cap the upward motion