Update from previous idea:
yesterdays analysis spoke about the potential retrace that was likely to happen because of the liquidity left in the chart. I was really hoping we would see a test of the 0.5 and continue to the upside but we had loads of liquidity at lower levels (where we are right now).
so blasted past the 0.5 and are seeing support around the golden pocket 0.618/65. really there is no reason why we should drop much lower, all of the liquidity has been hit but we do look weak. I do think it is quite risky here because price has not established its price levels yet.
bias is definitely to the downside so I think a trade might be risky here the chance of further downside is likely, I actually think a new fib should be made here so I will update the chart and upload a new analysis after this post. we are now retracing from a high not a low so the fib needs to be adjusted and we will have many more support levels. this was good to see how price has moved on the retrace back up but not so relevant anymore.
yesterdays analysis spoke about the potential retrace that was likely to happen because of the liquidity left in the chart. I was really hoping we would see a test of the 0.5 and continue to the upside but we had loads of liquidity at lower levels (where we are right now).
so blasted past the 0.5 and are seeing support around the golden pocket 0.618/65. really there is no reason why we should drop much lower, all of the liquidity has been hit but we do look weak. I do think it is quite risky here because price has not established its price levels yet.
bias is definitely to the downside so I think a trade might be risky here the chance of further downside is likely, I actually think a new fib should be made here so I will update the chart and upload a new analysis after this post. we are now retracing from a high not a low so the fib needs to be adjusted and we will have many more support levels. this was good to see how price has moved on the retrace back up but not so relevant anymore.
