Not right. Draw fib lines 19k and 6k. I dont think many people are drawing fib lines like yours. 2 hits isnt enough to say that's a rising wedge.
Fx-Nature
⋅
@philrego, Thanks for your view. Why would I need to draw 19k and 6k here. It's local corrective structure.
philrego
⋅
@Fx-Nature, fib lines are mainly valuable when everyone's looking at the same lines. I'm sure some have drawn them like yours but I'm pretty certain a lot more people have them drawn at 19 and 6 because it's a larger timeframe. If you look at them theres a line abput $9200 that it hasn't fully hit. I think a lot of people shorted there and there's still a bunch of shorts waiting if that line gets hit. I wouldn't go long unless we see $9350. I dont think 9600 to 10k is good risk reward at this point. I'm short now and have a couple more orders on the line. Stop at 9350. I thought 10k after such a large drop was a fair target but its inability to even touch this line concerns me.