Thoughts on retracing...Charts and indicators will only tell us where we've been... not where we are going. No man, and no machine can predict the future movement of a stock based on TA... all we can do is make educated guesses based on what we have witnessed in the past. So, a good guesser is someone who has been watching stocks for a few decades and has accumulated a library of the many different ways that market conditions and market sentiment can influence stock movement.
That said... anything is possible in current market conditions. Never has anyone been through a global pandemic while a new monetary and tracking system are being integrated around the world. All we can do is watch and learn.
Fibonacci numbers, which are essential to elliot wave analysis, still require some degree of guess work... educated guess work but guess work none-the-less. A 23.6% retracement from our high of .58 is 23.6%... we will have fullfilled it already with friday's drop to .48. A 38.2% retracement will bring us to .415. A 50% retracement (which isn't actually a fibonacci number but is usually included in Fibonacci retracements) will bring us to .365. If you recall... .35 was a significant area of resistance in July. Makes sense that support, should support be warranted, be established at .365, just below the gap that was created on July 27 giving the market a chance to close up that gap and establish a stronger base from which to rise up to ~.95.
Bottom line is that any one of these scenarios, and other scenarios not mentioned here, can occur and all seem like logical outcomes. I do not subscribe to any one of them but do anticipate the possibility of any one of them happening... except a 23.6% retracement... cause that's already happened, and, in my books, is enough of a retracement to satisfy the market.
jmo, GLTA