Hello guys, this looks interesting, 196.80 is the resistance right now, we are consolidating below it, could be a sign of a near breakout. If I'm right with my flagpole price range, the next advance would probably reach 200 (blue rectangle).
So let's just wait and see if this isn't another bear trap like we are used too !
vOid
So let's just wait and see if this isn't another bear trap like we are used too !
vOid
Trade closed: target reached:
Target hit. We got a first rejection at 199.80 then corrected to .618 aka the golden one with a closing candle looking like a hammer. From that point, we didn't hit my first target which was 200.05 and that correction looked healthy to me so I had to do a fib extension to see where we would go from there. The next major pivot point for me was 201.50 and if you look at the fib extention it's right in-between retracement 1 - 1.272. So my new target this morning was 201.60 right above the pivot point. So good trade so far, time to sit out and wait for the next opportunities.
What I will be looking at next is how low we are going to correct that new high and if the moves is still healthy to re-entry at the bottom of that said correction.
Target hit. We got a first rejection at 199.80 then corrected to .618 aka the golden one with a closing candle looking like a hammer. From that point, we didn't hit my first target which was 200.05 and that correction looked healthy to me so I had to do a fib extension to see where we would go from there. The next major pivot point for me was 201.50 and if you look at the fib extention it's right in-between retracement 1 - 1.272. So my new target this morning was 201.60 right above the pivot point. So good trade so far, time to sit out and wait for the next opportunities.
What I will be looking at next is how low we are going to correct that new high and if the moves is still healthy to re-entry at the bottom of that said correction.