Continuing from the last post,
Price is still below the 0.618 Fib retracement level running into 0.618 time axis on 4th November.
98 x 0.618 = 60.56 approx. 61 days
61 days from 4th Sept occurs on 4th November.
Projections:
1: If price should hit 1519 and is not able to cross the level higher, we would have a time and price squaring, 0.618 x 0.618 square.
A possible reversal back lower can occur on this range.
It will also be on the polar opposite 0.382 which adds more strength for the reversal
2: The second projection is that price can hit 1528 which is on the 0.707 retracement level and 0.293 polar opposite on a 0.618 time.
A reversal may occur if the resistance at 1527.76 holds firm.
The third projection is that price can make a double top at 1536 which is on the 0.786 fib level on the 0.618 time
The lower levels of 0.382 at 1496 cannot be ruled out as well.
With all the ranges being equally important, I would say the 1519 level is by far the strongest project for now.
But whichever way it goes, price will complete on one of the ratios on the 0.618 time and when you can find a reversal pattern
forming, trade it.
Price is still below the 0.618 Fib retracement level running into 0.618 time axis on 4th November.
98 x 0.618 = 60.56 approx. 61 days
61 days from 4th Sept occurs on 4th November.
Projections:
1: If price should hit 1519 and is not able to cross the level higher, we would have a time and price squaring, 0.618 x 0.618 square.
A possible reversal back lower can occur on this range.
It will also be on the polar opposite 0.382 which adds more strength for the reversal
2: The second projection is that price can hit 1528 which is on the 0.707 retracement level and 0.293 polar opposite on a 0.618 time.
A reversal may occur if the resistance at 1527.76 holds firm.
The third projection is that price can make a double top at 1536 which is on the 0.786 fib level on the 0.618 time
The lower levels of 0.382 at 1496 cannot be ruled out as well.
With all the ranges being equally important, I would say the 1519 level is by far the strongest project for now.
But whichever way it goes, price will complete on one of the ratios on the 0.618 time and when you can find a reversal pattern
forming, trade it.