Price has re-tested support, bounced off and could now be headed for the 38.2% Fib Level $7357.
If price gets rejected by at the 38.2% Fib, downward trend may continue due to price will be creating a new lower high and eventually a descending triangle.
If price does manage to push high the next level to reach is the 23.6% Fib @ $7533 and possibly consolidate, re-accumulate prior to pushing further upwards.
Downside Price Target: $7040 @ the 61.8% Golden Ratio Fib Level on this Trend-Based Fib Ext tool.
Further downside target: $6814 @ the 78.6% Fib Level
===============================
Watch out for STOPS-HUNTING BOTS!!!!
*** Trades should not be placed based upon what you see here! Do your own research and manage your own risk.
Only trade the breakouts to be safe and not be sorry. Wait for confirmation of price direction prior to putting in your trade.
Remember to always, always place your stop loss at the appropriate levels immediately after you have put in your long/short position so as not to get wrecked with your trades.
>>>>> Always be prepared for either scenario of upwards movement, downwards movement, or sometimes even sideways movement (consolidation phase & sometimes even extended consolidation phases). <<<<<
Constructive and positive comments are welcome. Be courteous.
Consider leaving a like after viewing my post, and click on Follow to receive my latest and updated posts.
More Power To All Your Trades,
Ron (The Intrepid Trader)
If price gets rejected by at the 38.2% Fib, downward trend may continue due to price will be creating a new lower high and eventually a descending triangle.
If price does manage to push high the next level to reach is the 23.6% Fib @ $7533 and possibly consolidate, re-accumulate prior to pushing further upwards.
Downside Price Target: $7040 @ the 61.8% Golden Ratio Fib Level on this Trend-Based Fib Ext tool.
Further downside target: $6814 @ the 78.6% Fib Level
===============================
Watch out for STOPS-HUNTING BOTS!!!!
*** Trades should not be placed based upon what you see here! Do your own research and manage your own risk.
Only trade the breakouts to be safe and not be sorry. Wait for confirmation of price direction prior to putting in your trade.
Remember to always, always place your stop loss at the appropriate levels immediately after you have put in your long/short position so as not to get wrecked with your trades.
>>>>> Always be prepared for either scenario of upwards movement, downwards movement, or sometimes even sideways movement (consolidation phase & sometimes even extended consolidation phases). <<<<<
Constructive and positive comments are welcome. Be courteous.
Consider leaving a like after viewing my post, and click on Follow to receive my latest and updated posts.
More Power To All Your Trades,
Ron (The Intrepid Trader)
