We are inching closer to the test of the 0.5 Fib now to show if this is a support level, the bleeding has certainly slowed down and the RSI is starting to show some sideways movement now too
We don't need to see a V shaped recovery the moment the 0.5 Fib is tested, all we want to see is a test and hold and I will be happy with some consolidation to allow the moving averages to move higher
The longer the support is held, the more confidence will be brought back to this market and buyers will add again and so will we.
$BABA and $NIO are main targets here as I have already added $BIDU but will consider adding more there too.
Nick E
2024-10-17 17:46:26 +0000 UTC