📉📈After the increases I predicted in my last post.
📉📈I'm starting to wonder more and more about the correction that needs to come sooner or later.
📉📈Yesterday's big move was due to Jay Powell's statement on the gradual tapering of interest rate hikes, and the announcement of another hike of only 50 basis points that I wrote about in the previous post.
📉📈More and more people are currently playing the Fed pivot.
📉📈I think this enthusiasm in the markets can be exploited in the coming moves.
📉📈Specially if we are talking about a corrective move.
📉📈Today's move has not brought us anything new. It is one of the smallest in terms of volatility in recent weeks.
📉📈📈I determined the nearest support zone based on two fibo measures. The first is the level of 0.236 of the entire upward wave from the bottom to the current peak. The second is 0.382 of the entire downward wave from the peak to the bottom.
📉📈The resistance zone remains unchanged, consisting of a cluster of three levels. The first is the 1:1 level of the largest upward correction in the entire downward trend. The second is the 0.5 level of the entire downward wave from peak to bottom. The third is the 0.236 level from covid bottom to peak.
📉📈The scenario I am playing out is a continuation of the decline to support zones from which I expect the move to continue to the resistance zone. I am aware of the possibility of a correction at any time, this should be taken into account, If the outlook would change I will publish a post with an update, so I encourage you to actively follow the profile and read the description carefully.
📉📈*Please do not suggest the path I have drawn with the lines this is only a hypothetical scenario.
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