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The market is at a very important price which has been a reversal point lately (Fibonacci 78.6% ). This price is a strong resistance now and could become a strong support if the market moves upwards. Upwards, the market former uptrend will be the limit where an amazing short entry point could be expected with possible nice pullback down.
In the other side, downward, if the market breaks its horizontal ranging support with a nice candlestick, there is a high probability to see the market going down further with an interesting short entry point (targeting Fibonacci 23.6%).
Timing: From middle of next week to middle of the week after. (Wednesday to Wednesday)
Interesting... it got to the top of the gray box and gapped up Fri. If it wasn't for that gap up, your line would've nailed it.
That line also aligns perfectly along one of the final price support/resistance points before the top as well.
Now in no man's land...
Diallo_Charts_Ideas
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@ProfitHarvest, "Timing:
From middle of next week to middle of the week after. (Wednesday to Wednesday)" Market is probability and decides where it want to go, but it is still in the plan. The market profile hasn't changed yet from that analysis time. Last week it has broken up and now targeting the dotted uptrend line. Now, there is a strong probability to see the market "offering" a nice pullback down there for easy profitable trades. That is the most wanted point, where you want the market to be to get onto it. First profit target from there is the former 78% Fibonacci level (Top of former horizontal range).
ProfitHarvest
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Don't think it's making it to the 78! Lets see how far it falls now.
That line also aligns perfectly along one of the final price support/resistance points before the top as well.
Now in no man's land...