this is what happens when the price action can't hold the lower fib level for support. the price action consolidated and tried to break upwards several times and failed over and over. the bulls just weren't strong enough to move it higher, the bears took over. now it is back to bull territory. I am buying this level for now, with a quick mind to SAR if it gives me notice it will fail to hold.
ER2 charts
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just after posting the chart above, ER2 formed a double top and broke down out of the pattern and made it's downside measurment over night. Now price is sitting at 50% retrace near 785. This level would ideal to build and inverted HnS bottom pattern again if it holds. 38% retrace resistance still looms solidly @ 795, so this is still touchy for the bulls. I will buy somewhere in here near 785-782, much lower than that and I am looking for another retest of the lows and will not buy until I see the bears weaken again after a selling climax.
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