Nothing more important in this business than patience's. After the new monthly candle we anticipated a strong retracement to the upside as the new month began. This was highlighted in previous analysis.
Our first indication was to plug in our fibs on the H4 time-frame and measure that time-frame retracement. Well if you take a look at the H4 time-frame and if you plug your fibs from point a (25682.8) to point b (24649.4) you can see that the retracment for that downward move exceeded 100% making it invalid.
Now (25682.8) resistance level had been broken on the "H4 TIME-FRAME" but if we take a look at the 1D timeframe we can see that our retracement for our daily fib level has reached 100% retracement which mean it is still valid.
Here what could happen next, we breach this daily resistance zone (25882) and price shoots up to our next daily resistance zone (26143) or resistance holds at the 100% fib level and we continue the slow continuation downward.
Being the first Friday of the month Non-Farm payroll will be announce shortly, which would influence the price action in our charts heavily
Our first indication was to plug in our fibs on the H4 time-frame and measure that time-frame retracement. Well if you take a look at the H4 time-frame and if you plug your fibs from point a (25682.8) to point b (24649.4) you can see that the retracment for that downward move exceeded 100% making it invalid.
Now (25682.8) resistance level had been broken on the "H4 TIME-FRAME" but if we take a look at the 1D timeframe we can see that our retracement for our daily fib level has reached 100% retracement which mean it is still valid.
Here what could happen next, we breach this daily resistance zone (25882) and price shoots up to our next daily resistance zone (26143) or resistance holds at the 100% fib level and we continue the slow continuation downward.
Being the first Friday of the month Non-Farm payroll will be announce shortly, which would influence the price action in our charts heavily
