Nice to finally get some fib respect from this market eh!
Take note of the 61.8 level ($13,118) and how much resistance was recorded there - perfect confirmation that the lower fib levels will be in play (50% 38.2% 23.6%). Moving averages on the weekly time frame will be very helpful for entry points.
Scenarios:
- In the worst case scenario (and this would be the market being very generous) would be a re-test of the lowest fib level (23.6) coming in at $7,000.
- In the best case scenario we hold the current price (50% fib level) and rally back to the 68.8 from here.
- Base cace scenario is a pull back to the $9,500 area (38.2), consolidation, moon.
But basically there is ultimately one direction, and that is up.