CGB in big picture. From a swing low at 0.700 on 13 January 2021, the price peaked at 3.000 on 14 June 2021 topping a 52-week high for the year. From there the price has been ranging since early October and retraced to a low of 0.790 on 20 December 2021. It clawed up to stay above 0.910 which happens to be fibo786. Today (30 December 2021) the price has broken (but has yet to clear) 0.970 monthly resistance. To enter a trade, the probable retracement EP would be 0.970 which is a 4htf pivot point. The probable maximum TP area would be point D, which is fibo382 from point C, although based on the current market structure, possible TP levels are monthly resistance 1.240 and yearly resistance 1.490. The probable CL would be below recent 0.790 swing low which also happens to be lower than fibo786.
Comment:
Revised narrative. From a swing low at 0.700 on 13 January 2021, the price peaked at 3.000 on 14 June 2021 topping a 52-week high for the year. From there the price has retraced and has been ranging in early October dipping to a low of 0.790 on 20 December 2021. It clawed up to stay above 0.910 which happens to be fibo786. Today (30 December 2021) the price has broken (but has yet to clear) 0.970 monthly resistance. To enter a trade, the probable retracement EP would be 0.970 which is a 4htf pivot point . The probable maximum TP area would be point D, which is fibo382 from point C, although based on the current market structure, possible TP levels are monthly resistance 1.240 and yearly resistance 1.490. The probable CL would be below recent 0.790 swing low which also happens to be lower than fibo786.