EuroMotif

RIO major resistance around $77: break or reject will be KEY

NYSE:RIO   Rio Tinto Plc
RIO correction looks to be done with strong bounce.
However, the bounce is now at a MAJOR resistance.
Confluence of two Golden Fibs define the war zone.

Plotted are three different Fibonacci sequences.
Each series is like a ruler calibrated to one wave.
Confluence zones are of interest for possible turns.

Thick lines are its "Genesis" (from birth) series.
Thin lines are from the "Covid Recovery" wave.
Red lines are fibs of the correction from the top.

.

I do not use "Fibs" in the "traditional" manner (retracements).
I use Fibs to plot "Ripples" (extensions) created by "Impulses".
Then look for "Confluences" to map the "interference Pattern".

My TV collection of ideas detailing the Concepts:
Chapter 1: Introduction and numerous Examples
Chapter 2: Detailed views and Wave Analysis
Chapter 3: The Dreaded 9.618: Murderer of Moves
Chapter 4: Impulse Redux: Return to Birth place
Chapter 5: Golden Growth: Parabolic Expansions
Chapter 6: Give me a ping Vasili: 'one' Ping only
Chapter 7: The Mighty 2.618: like a Rook in Chess

.
Comment: BEAUTIFUL

Gorgeous dip from resistance, bounce on support, and now above resistance
.

Zoom IN (2 hr) to see the pa since posting We had a clean bounce exactly on support fibs but then failed and came back.
So it is not the "ideal" bounce but good enough to push thru the major resistance.
Now it has spent an entire day dancing on top of the major Golden fib at 77.78

.

Zoom in MORE (1 hr) to plot a fib of the wave up Very nice Pings, especially on the Golden Levels ie: a "good" fib.

.

Zoom OUT (1 day) with our new fib added to existing levels from original chart: Gives us some target levels of interest above.
Double fib at 82.77-82.90 will be the immediate hurdle.
But next MAJOR resistance will be 86.42-87.93 zone.

.

SUMMARY
- Resistance behaved EXACTLY as expected.
- Bounce was not perfect but good enough.
- We have two targets above to watch for.

=================================================================================================

.

the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag
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.