UC had a pretty nice bounce but looks near end of wave. Looking for a topping pattern here and for a dip to come. Could possibly have one more small leg up but not much.
1.341-1.342 is current resistance zone starting the week. 1.343-1.344 is very possible for a stop hunt before top. 1.346-1.347 is plausible and would be strong bull sign.
1.338-1.339 is first possible support for strong uptrend bounce. 1.335-1.336 is likely retrace target and still an uptrend bounce. 1.3300 round is Bull's Last Stand before the downtrend resumes.
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See some of my other Forex calls below. I also plot Crypto and some Stocks, check my Profile Page.
(perfect top, still in play) (just in time, quick 70 pips) (caught most of the spike) (Perfect entry, still in play) (Upthrust warning just in time) (Fib extensions at work) (recent perfect entries) (recent perfect entries) (the very tippy-top a year ago) (almost at a long term target now)
Of course, I have had total FAILS on some plots also, not going to pretend. But my plans offer PRECISE entries, TIGHT stops, and EXACT take profits. Precision is the way of the Fib. Almost every turn happens at a Fib Line.
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FOMC rate decision made the final leg right into support
Thank you for sharing. Question. Why do you line up the fib like that and what can I reference to help me build mine? I have a jist of how it works. Thanks again.
My basic concept is to look for an "Impulse" (clear directional move for limited duration) which then creates "Ripples" (fib multiples). Then I need to see "Pings" (clear reaction) to the first couple of extensions like 1.236 or 1.618, or at the latest 2.618 for strong moves. If I get 2 such confirmations, I know the Impulse identification was good, and can count on the rest of the extensions until they stop reacting.
I have published a few Ideas where I collect examples continuously, such as this Idea That one is "Chapter 5", the first four are linked within. Best to start with ch 1/2 with hundreds of snaps showing the basic concept, while the rest are studies of specific phenomenon