Update from previous idea:
I can't believe how well my 1hr chart is playing out, nothing is surprising about the price action we have seen the past few days, I wish I could have been updating everyday but been so busy.
so, we seen a test literally to the top of my resistance box before getting a massive rejection, my fib has not changed I've just moved it to today's price action, after breaking the 0.5 fib, it's really hard to see but I highlighted the 0.414/0.382 level with the green box and we perfectly came down and found support here, we seen a volatile wick down but again look at that for analysis, perfectly hitting my 3838 level which I mentioned is a very important level for me, amazing to see that.
currently we are seeing support again from my 0.382/0.414 box and resistance at the 0.5 level, chances are whatever we break here is likely the mid term direction, I would honestly just like to see consolidation until Monday because the CME gap is low and leaving it open because we pumped on the weekend is good short term but you can almost guarantee we will revisit this level again.
also looking at the volume profile, we have seen a rejection at the point of control level, also you can see the last big spike of volume is perfectly at my support box here so that is good to see. breaking the point of control as support will be very bullish.
so, hoping to hold my support box and consolidate at this level, before breaking the 0.5 and testing as support allowing this inverse head and shoulders to play out. worst case is failing the support box and going back for retest at 3838 maybe even a wick down to the 0.236 but that would not be good, I would set SL for just under the support box because can almost guarantee a break of that will result in a test of 3838.
I can't believe how well my 1hr chart is playing out, nothing is surprising about the price action we have seen the past few days, I wish I could have been updating everyday but been so busy.
so, we seen a test literally to the top of my resistance box before getting a massive rejection, my fib has not changed I've just moved it to today's price action, after breaking the 0.5 fib, it's really hard to see but I highlighted the 0.414/0.382 level with the green box and we perfectly came down and found support here, we seen a volatile wick down but again look at that for analysis, perfectly hitting my 3838 level which I mentioned is a very important level for me, amazing to see that.
currently we are seeing support again from my 0.382/0.414 box and resistance at the 0.5 level, chances are whatever we break here is likely the mid term direction, I would honestly just like to see consolidation until Monday because the CME gap is low and leaving it open because we pumped on the weekend is good short term but you can almost guarantee we will revisit this level again.
also looking at the volume profile, we have seen a rejection at the point of control level, also you can see the last big spike of volume is perfectly at my support box here so that is good to see. breaking the point of control as support will be very bullish.
so, hoping to hold my support box and consolidate at this level, before breaking the 0.5 and testing as support allowing this inverse head and shoulders to play out. worst case is failing the support box and going back for retest at 3838 maybe even a wick down to the 0.236 but that would not be good, I would set SL for just under the support box because can almost guarantee a break of that will result in a test of 3838.
