Update from previous idea:
Yellow line as mentioned in the previous analysis has called the top again in this rally, we are definitely building up to a big breakout here we have seen nearly a test of support and now a test of the resistance here, obviously it is a Sunday so I don't want a breakout today let the CME get hit and then send price in a direction (hopefully up).
I also really want to see the 0.5 fib acting as support we have not been bullish enough to hold it on a big timeframe, wicking down is bad and the more times it happens the higher chance of a breakdown we have.
the area we are at right now is full of support, so it will be a very difficult price point to break down from. the red price box is my worst case here, if we break that expect a test of the fib but honestly I would not be in any trades if we break this line, might start to accumulate at the 414/382 level but a tight stop loss is required here.
overall price isn't doing anything crazy, we are playing out a big formation here, there are several support lines I have mentioned so keep an eye out for them, if we break up expect some resistance as the golden pocket but I think bigger resistance at the teal blue line, ultimately hitting my big red line up at nearly 5k!!!
Yellow line as mentioned in the previous analysis has called the top again in this rally, we are definitely building up to a big breakout here we have seen nearly a test of support and now a test of the resistance here, obviously it is a Sunday so I don't want a breakout today let the CME get hit and then send price in a direction (hopefully up).
I also really want to see the 0.5 fib acting as support we have not been bullish enough to hold it on a big timeframe, wicking down is bad and the more times it happens the higher chance of a breakdown we have.
the area we are at right now is full of support, so it will be a very difficult price point to break down from. the red price box is my worst case here, if we break that expect a test of the fib but honestly I would not be in any trades if we break this line, might start to accumulate at the 414/382 level but a tight stop loss is required here.
overall price isn't doing anything crazy, we are playing out a big formation here, there are several support lines I have mentioned so keep an eye out for them, if we break up expect some resistance as the golden pocket but I think bigger resistance at the teal blue line, ultimately hitting my big red line up at nearly 5k!!!
