i'm seeing the .5 level acting as intermediate resistance within the channel. you can see it's been tested a few times over the last month. to me it seems like a good bet for taking profit in the near term.
there may even be another opportunity to buy towards the bottom of the channel, but i'd be leery of bears if price heads too far in that direction (check bearish patterns, indicators, etc). this channel isn't really well established at this point, so nothing is off the table.
it's easy to pick targets when prices are in familiar waters - just pick a past resistance level and go have a beer. but it can be harder to choose targets when prices are in uncharted territory. usually i examine the last few swings and look for patterns, and then try to project that out for the current trend. that works ok, sometimes. when the market is trending, i've found the fib channel is my favorite tool for picking entries/targets. prices bounce off the levels (extensions too) almost magnetically.
there may even be another opportunity to buy towards the bottom of the channel, but i'd be leery of bears if price heads too far in that direction (check bearish patterns, indicators, etc). this channel isn't really well established at this point, so nothing is off the table.
it's easy to pick targets when prices are in familiar waters - just pick a past resistance level and go have a beer. but it can be harder to choose targets when prices are in uncharted territory. usually i examine the last few swings and look for patterns, and then try to project that out for the current trend. that works ok, sometimes. when the market is trending, i've found the fib channel is my favorite tool for picking entries/targets. prices bounce off the levels (extensions too) almost magnetically.
