– Wave 4 Correction in Progress.
The 0.50 Fib retracement is a very common landing spot for Wave 4. Normally in a strong market, I would like to see a bounce around the 0.382 Fib (~$101).
If price breaks below the 0.50 Fib (~$88.73), I would pause new buys and watch for support around the 0.618 Fib (~$76).
A move halfway between the two levels would be a natural warning zone. Given the current seasonality (typically choppy summer period), we may see range-bound action around the 0.618 level before a potential Thanksgiving Rally later in the year.
With rising cost of living and ongoing geopolitical tensions, I remain very cautious and would not trade this setup based on technicals alone. Risk management and fundamental developments are critical here.
Long term wise, I am still bullish, that is until we started to fail below 0.786......
Short Term wish, I am still bear-ish for the remaining months of the summer.
The 0.50 Fib retracement is a very common landing spot for Wave 4. Normally in a strong market, I would like to see a bounce around the 0.382 Fib (~$101).
If price breaks below the 0.50 Fib (~$88.73), I would pause new buys and watch for support around the 0.618 Fib (~$76).
A move halfway between the two levels would be a natural warning zone. Given the current seasonality (typically choppy summer period), we may see range-bound action around the 0.618 level before a potential Thanksgiving Rally later in the year.
With rising cost of living and ongoing geopolitical tensions, I remain very cautious and would not trade this setup based on technicals alone. Risk management and fundamental developments are critical here.
Long term wise, I am still bullish, that is until we started to fail below 0.786......
Short Term wish, I am still bear-ish for the remaining months of the summer.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.