It's been a while since my last post, I am quite busy these days, but now we are at a key level and I have to share it with you.
As you can see after the rally to 10k we had a big correction. We hit the 0,618 fibb. level as known as golden ratio.
Today's closing price is a very significant one. We are in a downtrend according to 200MA (RED LINE) and 200EMA (PURPLE LINE), but if today we close above the 0,618 fibbo level at 7.8k that could be the first confirmation of a mid-term bullrun. This level also seems to be the 5th elliote wave which is a good sign for a potential reversal.
Closing above this level with a reversed and follwing it with a green candle tomorrow is exactly we are looking for. The first target would be the 0,382 fibbo and the 200EMA.
But as always we have to be aware of the bad scenario. Closing below this level would reinforce bears and we would likely continue our path to the BLUE (7.2-7k).
If you found it helpful please leave a like, it means a lot to me!
***It is not a financial advice***