The market remains massively unchanged. The sell side made an attempt to go lower but the buy side had entered aggressively at the 61.8% extension of the most recent swing, a confluence with 50 DMA, and pushed back. A strong rejection suggests higher prices to come. The monthly R1 retest is not ruled out. I've been mentioned that level in the previous posts. The buyers success is easy to gauge through Fib levels. Holding 23.6% put them on the path to a new all time high. Breaching it would lead to a retest of the 61.8% and potentially monthly S1.
I continue to emphasize that the market is very technical. This is the result of the Algos being involved more and more in the trading. Without hard "stop and turn" they move the price from a level to level.
It makes sense to trade one swing at a time. Applying Fibs and watching the reaction on a smaller timeframe is a proven strategy. It is also very mechanical and objective helping to overcome the overthinking syndrome.
The Fib levels are more accurate for the most recent swing.
08/21/2021
I continue to emphasize that the market is very technical. This is the result of the Algos being involved more and more in the trading. Without hard "stop and turn" they move the price from a level to level.
It makes sense to trade one swing at a time. Applying Fibs and watching the reaction on a smaller timeframe is a proven strategy. It is also very mechanical and objective helping to overcome the overthinking syndrome.
The Fib levels are more accurate for the most recent swing.
08/21/2021
