We're going down and that's good news because the wave 4 triangle scenario is now of the charts, meaning when this correction ends, assuming we're not going crazy down, wave 2 ends and wave 3 will be ready to take us to new all time highs.
The Mayer multiple is approaching 1 which means prices are approaching the daily 200 moving average.
Where is this move going to end? Impossible to say. There is support at $7250 where the 61.8% Fibonacci level should provide some support. But who knows?
Prices just dropped 300$ while writing this. Nonetheless, I added a call to my March 2020 options position as this can turn equally rapid as it falls.
Stochastics are by now oversold on the weekly, daily and 8 hour
MACD's are diverging for now.
Renko chart also making a big drop today.