What a day, got wrecked today just like everyone but picking it back up looking for those good spots and sticking to the game plan are essential for progress.
Going to switch up the analysis now, going to do 3 posts per day looking at short term, mid term and long term time frames. So can plan for any occasion, one thing I am looking to spot is that break of the trend and for that a long term approach has to be looked at.
This analysis focuses on the short term, we have recovered quite nicely it's looking okay just now. I have taken a fib from short term swing low to previous high, a main positive sign is we have broken above the 0.5 fib with a retest also broke out of a formation so currently looking to hold the 0.5 fib hopefully reaching that price target of the beginning of the formation, 4251
we also have my favourite retracement level the blue box 0.382/0.414 could see some resistance here but looking at a break above touching the price target before coming back holding this box (in the best case scenario).
We have seen consolidation today around the golden pocket of this fib, if we break the 0.5 looking for a retrace to the golden pocket, a break of that unfortunately will be down to the previous low no doubt, hopefully forming a double bottom.
Going to switch up the analysis now, going to do 3 posts per day looking at short term, mid term and long term time frames. So can plan for any occasion, one thing I am looking to spot is that break of the trend and for that a long term approach has to be looked at.
This analysis focuses on the short term, we have recovered quite nicely it's looking okay just now. I have taken a fib from short term swing low to previous high, a main positive sign is we have broken above the 0.5 fib with a retest also broke out of a formation so currently looking to hold the 0.5 fib hopefully reaching that price target of the beginning of the formation, 4251
we also have my favourite retracement level the blue box 0.382/0.414 could see some resistance here but looking at a break above touching the price target before coming back holding this box (in the best case scenario).
We have seen consolidation today around the golden pocket of this fib, if we break the 0.5 looking for a retrace to the golden pocket, a break of that unfortunately will be down to the previous low no doubt, hopefully forming a double bottom.
