we hit the 1.618fib and should now correct in w4 before another leg higher
Comments
traderWgun
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this one is active again after it put a shooting star
and also note the weekly bearish candle stick
traderWgun
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I have covered my short for now +100 pips, 5 waves down, should bounce soon
motleifaul
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What do you think how far a retracement could go? I could imagine that it can reach your point yellow III as the the way from blue II till blue III had not been completely retraced. .
ForceFollower
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My take on this is: if you want the up trend to continue, you don't want to see the price print below 1.67000, ie. the support should be at the top of the prior range, otherwise - it's over and done.
traderWgun
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yes I agree. price broke a big range so maby a retrecment back to range top and .618fib before higher
and also note the weekly bearish candle stick