jwjustinwatkins

LYFT Fib 618 Reversal Play - The Basics!

Long
NASDAQ:LYFT   LYFT INC
LYFT
Today's Date 11/28/20 800am

Plan: Bullish on Basic FIB 618 reversal play.

Linework:
Fibs from Oct 20 low to Nov 20 high (the Prop 22 runup)
Horiz Price Lines, note several touches as far back as April 2020.

"We've been here before"
The Nov 20 high is the same high as Jun 9 and Mar 5, we already see that rejection.

Fib 618 has caused many past reversals as rejection before. Now that we've broken out of that zone, I say it's a support now.

Set up an OCO Bracket play today. Buy around FIB 618, ride up to fib 786 or fib1 depending on strength of hands.

Comments

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