Now that I believe we are topped, I've drawn an extension. The two Take Profit targets are the 1.414 Fib and the 1.618 Fib.
The 1.618 Fib (around 18.9k now) is where I will be LONG, with a Take Profit target of 22.2k by the beginning of September.
The reason it is 22.2k is because it is the 0.618 fib extension fib. This pattern can play a Bullish harmonic with a 0.618 extension target.
It is also the same exact liquidity point of the yellow box - this was a change of character move. This point needs to be retested.
The 1.618 Fib (around 18.9k now) is where I will be LONG, with a Take Profit target of 22.2k by the beginning of September.
The reason it is 22.2k is because it is the 0.618 fib extension fib. This pattern can play a Bullish harmonic with a 0.618 extension target.
It is also the same exact liquidity point of the yellow box - this was a change of character move. This point needs to be retested.
