PW – I do not know about $300, but if that 574 level were to break there is no telling how far it could go. It would be a major top pattern that would indicate lower prices by a significant amount. One way of projecting would be to take the distance from the high of over 700 minus the 574 low and take that amount and subtract it from 574. That is one possible target if it broke down. The other potential target is that same number above subtracted from the highest high it has made recently which was 682. That would give the ABC correction symmetry in the Fibonacci world. People also use 1.27 and 1.44 and 1.618 extensions of these numbers to get to magic points in space. The other way they do it is to take the high less 0 then take .382, .5 and .618 retracements of that difference.
I am not a believer in Fibonacci projections but that is how many people make these projections. Trend is still up for now, but no immediate pattern. If I see one set up I will put it on the blog.
It this all sounds confusing, do not worry these projection techniques although touted as the grail, do not have good track records. I was fascinated many years ago with this school of thought and learned through the school of hard knocks that they are not of much value. If you draw enough lines on a chart something will happen at one of them.
