Hello Traders,
We’ve been closely monitoring ARCH and have identified a triangle pattern forming.
If the triangle breaks to the downside, we’ve identified possible support levels where price could potentially bounce back.
First Support: The first support level is located at the golden pocket on the Fibonacci retracements, which is between 4.59 and 4.54.
Second Support: If the price breaks below the first support, the next level to watch is at 4.36. This could serve as our secondary support.
**The “golden pocket” is a term used in technical analysis, referring to the area between the 0.618 and 0.65 Fibonacci retracement levels. In Elliott Wave Theory, this area is significant because it’s often where the price retraces to during the second wave of an Elliott Wave sequence. This retracement provides a potential buying opportunity before the price resumes the trend in the third wave. The golden pocket’s importance lies in its potential predictive power for future price movements. It’s called the “golden” pocket due to its alignment with the Golden Ratio (0.618), a mathematical ratio found in nature and art that’s also significant in financial markets.
Happy Trading!
Check out my other posts btw
We’ve been closely monitoring ARCH and have identified a triangle pattern forming.
If the triangle breaks to the downside, we’ve identified possible support levels where price could potentially bounce back.
First Support: The first support level is located at the golden pocket on the Fibonacci retracements, which is between 4.59 and 4.54.
Second Support: If the price breaks below the first support, the next level to watch is at 4.36. This could serve as our secondary support.
**The “golden pocket” is a term used in technical analysis, referring to the area between the 0.618 and 0.65 Fibonacci retracement levels. In Elliott Wave Theory, this area is significant because it’s often where the price retraces to during the second wave of an Elliott Wave sequence. This retracement provides a potential buying opportunity before the price resumes the trend in the third wave. The golden pocket’s importance lies in its potential predictive power for future price movements. It’s called the “golden” pocket due to its alignment with the Golden Ratio (0.618), a mathematical ratio found in nature and art that’s also significant in financial markets.
Happy Trading!
Check out my other posts btw