As it says on the chart
Major resistance:
1. 0.618 retracement level at 2625
2. AB=CD at around 2615
3. Possible wave 4 (could not exceed 2630)
4. Approaching overbought RSI levels
Seems to me the risk for a short at these levels (between today's close and 2630) is outweighed by the chance for gain.
Stay tuned.
Major resistance:
1. 0.618 retracement level at 2625
2. AB=CD at around 2615
3. Possible wave 4 (could not exceed 2630)
4. Approaching overbought RSI levels
Seems to me the risk for a short at these levels (between today's close and 2630) is outweighed by the chance for gain.
Stay tuned.
Comment:
Note AB=CD pattern here the BC retracement is only about 0.382, so while not meeting the strict 0.618 or 0.786 test, some feel that a 0.382 retracement is possible in strongly trending markets. Here I'm giving the benefit of a dramatic bounce off an oversold level as a strong move up to account for a truncated BC move that still hit a fibonacci number.