Update from previous idea:
I have mistakingly put 1hr analysis up this morning and that is actually my short term 15 min timeframe but its fine I will upload 2 1hr timeframes but if you have seen any of my posts then you know this is the 1hr as it has the VPVR volume profile on it and that never leaves this chart.
there is actually several things to look at here, firstly the bottom perfectly hit the 414 fib, this chart has not been changed for a while now and the fib constantly plays out really nicely, it is great that we bounced here but at the same time we are now below the 0.5 fib level, not ideal as that signals a reversal if we test this level and get rejected from it.
there is a few factors which support that thought, 0.5 is a resistance level in itself, also the point of control which is the thick red line, is directly at the 0.5 fib, at the same time the spike in volume ends at the 414 which is exactly where we have seen a bounce, so once again whcih feels like de ja vu, we are at a very narrow range here and a break of either level should signal a big volatile move. so a break of the 0.5 we are probably shooting to the upside and a break down of the 414 should signal a volatile move down.
I think there are too many support levels here to really break down far, 0.382 has been good resistance now turned support and then the 3838 level is always a good retrace area.
best case - break 0.5 to the upside showing a mid term bullish pattern
worst case - break the 0.414/382 level and see further downside trying to make a new low (green support box).
I have mistakingly put 1hr analysis up this morning and that is actually my short term 15 min timeframe but its fine I will upload 2 1hr timeframes but if you have seen any of my posts then you know this is the 1hr as it has the VPVR volume profile on it and that never leaves this chart.
there is actually several things to look at here, firstly the bottom perfectly hit the 414 fib, this chart has not been changed for a while now and the fib constantly plays out really nicely, it is great that we bounced here but at the same time we are now below the 0.5 fib level, not ideal as that signals a reversal if we test this level and get rejected from it.
there is a few factors which support that thought, 0.5 is a resistance level in itself, also the point of control which is the thick red line, is directly at the 0.5 fib, at the same time the spike in volume ends at the 414 which is exactly where we have seen a bounce, so once again whcih feels like de ja vu, we are at a very narrow range here and a break of either level should signal a big volatile move. so a break of the 0.5 we are probably shooting to the upside and a break down of the 414 should signal a volatile move down.
I think there are too many support levels here to really break down far, 0.382 has been good resistance now turned support and then the 3838 level is always a good retrace area.
best case - break 0.5 to the upside showing a mid term bullish pattern
worst case - break the 0.414/382 level and see further downside trying to make a new low (green support box).
