Update from previous idea:
I have taken a new fib on this smaller time frame chart and its playing out really nicely. so trying to post quick so you can see it play out.
we have seen a nice move to the upside here on the shorter timeframes making a new high here which is amazing, we ran into the 0.5 fib as resistance before seeing a bounce then a break of that level, pushing all the way into the next resistance at the 0.414/382 is now looking to hold as support but ultimately as long as we continue to hold the 0.5 here we have flipped short term bullish on the retrace back up.
the 0.236 is going to be extremely tough to break as you can see this line has seen many touch points at that level so expect volume to be high here.
- best case break the 0.236 as support and pushing to the previous high
- worst case break the 0.5 back into a short term bearish bias looking for support at the 618/65 levels
I have taken a new fib on this smaller time frame chart and its playing out really nicely. so trying to post quick so you can see it play out.
we have seen a nice move to the upside here on the shorter timeframes making a new high here which is amazing, we ran into the 0.5 fib as resistance before seeing a bounce then a break of that level, pushing all the way into the next resistance at the 0.414/382 is now looking to hold as support but ultimately as long as we continue to hold the 0.5 here we have flipped short term bullish on the retrace back up.
the 0.236 is going to be extremely tough to break as you can see this line has seen many touch points at that level so expect volume to be high here.
- best case break the 0.236 as support and pushing to the previous high
- worst case break the 0.5 back into a short term bearish bias looking for support at the 618/65 levels
