Take profits now or tighten stop loss. Bearish signs approaching
Hi all,
Now is the time to take your profits (if you had bought in from the last bounce or even prior).
We have tested resistance zone at 11,700 and price has resisted. There is still the possibility of it breaking through but it wouldn't be worth the risk.
If a reversal were to happen, price might fall to the nearest major fib support - 9348. This might create a bounce for it to go even higher.
If it were to drop below this then I think it will go even lower.
Note my Fibonacci symmetry lines in orange. They represent all the previous market corrections, and every time when price has rallied higher than these symmetrical lines the price goes higher. If a reversal happens to drop lower than the previous symmetry then we are going to the 6-7k zones (Scenario B). If we rally beyond 11,700 then we will see scenario A.
Now is the time to take your profits (if you had bought in from the last bounce or even prior).
We have tested resistance zone at 11,700 and price has resisted. There is still the possibility of it breaking through but it wouldn't be worth the risk.
If a reversal were to happen, price might fall to the nearest major fib support - 9348. This might create a bounce for it to go even higher.
If it were to drop below this then I think it will go even lower.
Note my Fibonacci symmetry lines in orange. They represent all the previous market corrections, and every time when price has rallied higher than these symmetrical lines the price goes higher. If a reversal happens to drop lower than the previous symmetry then we are going to the 6-7k zones (Scenario B). If we rally beyond 11,700 then we will see scenario A.