We caught a spectacular bounce form the 2019 Impulse Zone.
Now we are approaching some Major Resistance zones ahead.
Time to start taking some profits, or tighten the Trailing Stops.
$ 5.4369 - 5.5090 is Immediate Resistance and a STRONG one.
$ 5.6470 - 5.6750 is a "9.618" zone, very common wave end.
$ 5.8897 - 5.9742 is MAJOR resistance from high tf fibs.
$ 6.0602 - 6.1023 is the OBVIOUS resistance to everyone.
Keep an eye out for "Pings" off any of the fib lines/zones.
Keep one fib/zone between price and Trailing Stop.
Consider placing Limit Sells just above a fib/zone.
Left panel is 4-day candles, will not play for a couple days yet.
Right Upper is 1-hour timeframe useful for setting limits/stops.
Right Lower is 34-min chart for scalping and timing entries.
Previous Chart with essentially the same Fibs (except for one of this bounce):
Key being it was from WHERE it was expected:
Zoom IN (34 min) and adding a fib to the drop blue 9.236 bounced it, blue 6.236 now the key resistance.
Getting past the 6.236 makes it more likely that retrace is done.
- Drop started exactly where it was "supposed" to, a great sign for bull trend.
- It is POSSIBLE that retrace is done, but another leg down is still PLAUSIBLE.
- We have clearly defined battle zones from which to gather clues of strength
and without being able to Ping the fib above.
This implies more downside.
Trying to project some targets.
But this fib should serve well for now.
When looking for a fib of the drop, I was stuck on the "Linear" mode.
I need to look at the "Golden" (parabolic) mode and BINGO:
And current rejection from Gold fib 11.089 implies possible drop to one or two fibs below:
Zoom OUT (1h) and including the Green fib from previous pics That first target at $3.8xx looks like ideal bounce point.
Blue 15.325 and Green 4.618 in tight confluence.
Below that the fibs are spaced pretty far apart,
so while any one fib can bounce, confluences are stronger,
Zoom OUT more (4h) and bringing back the Blue fib from daily We do have reinforcement of our two zones,
by the blue 3.618 and 3.236 in close proximity.
3.618's are usually strong , so again the higher target is ideal.
- Looking like this will go lower yet.
- 2 targets have come into focus.
- of the 2, the one around $3.8 would be IDEAL.
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