Ardor ; playing with fibs. Targets and entrylevel inside.
I would not be surprised to see it double ,
nor would i be surprised to see it test the daily 20 moving average before going up again, which currently coincides with the bottom of the gann-fan channel.
But yes, that would mean an entry around 6300 and an exit around 22000 for a cool x2.5.
Counter-indicator would be touching below the 0.236 fib of the current move, or a daily close below the 20MA or the .382 fib - which are closely aligned at the moment around 6300 - also the bottom of the Gann-fan channel. So that's critical. I'll draw a red box there. This needs to hold and not be closed below.
Potentially, the trendline drawn from earlier peaks may end up the bottom of an ascending wedge for a while while we try to break back out into the next Gann-fan channel.
Suggested trade would be:
Buy the succesful retest of B and hold. Partial profits at A and get out entirely when we touch the top of the next Gann-fan channel.
Should we go into the upper Gann channel, unlikely, super-moon target would be the 2.618 fib at 28791
Not a buy signal right now, but if you're long : I would take partial profits here and buy the retest. Also, good job.
nor would i be surprised to see it test the daily 20 moving average before going up again, which currently coincides with the bottom of the gann-fan channel.
But yes, that would mean an entry around 6300 and an exit around 22000 for a cool x2.5.
Counter-indicator would be touching below the 0.236 fib of the current move, or a daily close below the 20MA or the .382 fib - which are closely aligned at the moment around 6300 - also the bottom of the Gann-fan channel. So that's critical. I'll draw a red box there. This needs to hold and not be closed below.
Potentially, the trendline drawn from earlier peaks may end up the bottom of an ascending wedge for a while while we try to break back out into the next Gann-fan channel.
Suggested trade would be:
Buy the succesful retest of B and hold. Partial profits at A and get out entirely when we touch the top of the next Gann-fan channel.
Should we go into the upper Gann channel, unlikely, super-moon target would be the 2.618 fib at 28791
Not a buy signal right now, but if you're long : I would take partial profits here and buy the retest. Also, good job.
Comment:
Looks like a proper retest is getting unlikely. If you're looking for an entry, try touches of the upward trendline, or 15-minute retracements to the 50 moving average.