Considering the following,
1. For the Fib scale M-N and fib scale L-N, the retracements 61.8(L-N) and 76.4(M-N) coincides almost at the same level.
2. For the ABC corrective wave, the AB part of the wave retraced to 38.2, so I believe BC should extend to -61.8(290.48), which also coincides with the levels mentioned in (1).
3. 281.47 is a key level and cannot be ignored, but I believe it's a high probability that it won't stand.
4. The zone 288.70-291.74 is also a key resistance where all the fib levels mentioned in (1) and (2) lies.
5. MA(50) is also a factor I believe will stop the movement of the market upwards.
I won't take a SHORT position exactly at the zone 288.10-291.74, I would rather wait for an entry reason(s) such as a bearish engulfer or a downward momentum shift, etc.
Sorry, the chart's too messy
Let me know what you guys think.
Thank you
1. For the Fib scale M-N and fib scale L-N, the retracements 61.8(L-N) and 76.4(M-N) coincides almost at the same level.
2. For the ABC corrective wave, the AB part of the wave retraced to 38.2, so I believe BC should extend to -61.8(290.48), which also coincides with the levels mentioned in (1).
3. 281.47 is a key level and cannot be ignored, but I believe it's a high probability that it won't stand.
4. The zone 288.70-291.74 is also a key resistance where all the fib levels mentioned in (1) and (2) lies.
5. MA(50) is also a factor I believe will stop the movement of the market upwards.
I won't take a SHORT position exactly at the zone 288.10-291.74, I would rather wait for an entry reason(s) such as a bearish engulfer or a downward momentum shift, etc.
Sorry, the chart's too messy
Let me know what you guys think.
Thank you
Trade active:
I assume there will be a new high for the BC today.
The market might test the MA 50, if not 288.70-291.74 resistance zone before continuing the trend downwards.
The market might test the MA 50, if not 288.70-291.74 resistance zone before continuing the trend downwards.
