The market is correcting and this is a good sign as we have more traders coming into the market and they are waiting to buy low. We were at a 200% fib extension - the retracement is predictable.
I'm looking at a fib extension of the last corrective wave after the move up - 127% this also happens to be support.
I have indicated my targets to scale my position. I am also watching for the $450 price zone to buy should price enter this level.
I'm looking at a fib extension of the last corrective wave after the move up - 127% this also happens to be support.
I have indicated my targets to scale my position. I am also watching for the $450 price zone to buy should price enter this level.
Comment:
We have tested the area indicated by the green line and the 127% held as support and the bulls have gained control.