Hello,
I had a buy at .29 trigger this morning, as i had been expecting support at this level base don some previous long range projections.
Very Exciting!
Now… the question is, will that support level be enough to break us out of the overhead bearish resistance level we have been dancing under for quite some time now?
If it does break out, i would expect a big move up for a whole new level!!!
Lets zoom in to the structure of the pattern it just made, and see if we can infer its exit direction from this argument.
Here it is on the 3minute scale:
The .618 fib level is a good level for support on a retracement.
We are also sitting above a previous resistance level (the dotted lines) which should offer support.
I will be on the look out for a retest of the bottom of this fib channel, and to see if it hold as well.
Good Luck!
I had a buy at .29 trigger this morning, as i had been expecting support at this level base don some previous long range projections.
Very Exciting!
Now… the question is, will that support level be enough to break us out of the overhead bearish resistance level we have been dancing under for quite some time now?
If it does break out, i would expect a big move up for a whole new level!!!
Lets zoom in to the structure of the pattern it just made, and see if we can infer its exit direction from this argument.
Here it is on the 3minute scale:
The .618 fib level is a good level for support on a retracement.
We are also sitting above a previous resistance level (the dotted lines) which should offer support.
I will be on the look out for a retest of the bottom of this fib channel, and to see if it hold as well.
Good Luck!