Update from previous idea:
Looking at a bigger timeframe here just to show how well the mid term fib is holding up. I have brought the original fib down to a new high I think is more relevant to the price range we are trading at.
you can see we are being rejected by the golden pocket currently, bounced off it twice in the past 2 weeks, but notice that we did make a lower high which is bearish mid term, really looking to see a break of this high eventually.
we have seen good support at the 0.236 actually only breaking it once with a full candle but then flipped it as support on the re-test, finding support on the 0.414/382 levels. so a break of them would signal further downside I think.
you can also see the volume profile has the point of control up at the high today, so to break this level is going to take a lot of upwards momentum, at the same time you can see a good spike in volume at where we have been finding support today so we are stuck in a very tight zone, a break of either one should signal a very volatile move.
- looking for a break of the 3990 level because volume significantly drops once were above 4000 and then test/break the golden pocket
- break below the 0.414/382 support box should see a test of the 3838 level maybe even my green support box highlighted below around the 3770 level
Looking at a bigger timeframe here just to show how well the mid term fib is holding up. I have brought the original fib down to a new high I think is more relevant to the price range we are trading at.
you can see we are being rejected by the golden pocket currently, bounced off it twice in the past 2 weeks, but notice that we did make a lower high which is bearish mid term, really looking to see a break of this high eventually.
we have seen good support at the 0.236 actually only breaking it once with a full candle but then flipped it as support on the re-test, finding support on the 0.414/382 levels. so a break of them would signal further downside I think.
you can also see the volume profile has the point of control up at the high today, so to break this level is going to take a lot of upwards momentum, at the same time you can see a good spike in volume at where we have been finding support today so we are stuck in a very tight zone, a break of either one should signal a very volatile move.
- looking for a break of the 3990 level because volume significantly drops once were above 4000 and then test/break the golden pocket
- break below the 0.414/382 support box should see a test of the 3838 level maybe even my green support box highlighted below around the 3770 level
