When i look at a long term chart i use Fibo heavily and try to correlate trend lines. In this example price went to 98.50 area witch is the 50% retrace at 98.51.Missing the gap close from last week. Since then we gapped up again respecting the 50% monthly Fib. Along with the 50% and 61.8% fibo retrace. So as long as those areas continue to be respected I am projecting a short term move to close 2 gaps. AND wanting the 50% and 61.8% larger swing retracement ( Cream line) to be respected. If that happens then we should move higher potentially past the monthly fibo and potentially hitting the other areas I previously posted. Please note I also use this as preparation work for short term bias as I do trade the 15 min time frame. Keeps me in the trend. My Bias for today has been short.
Comments
Shadowbrokerltd
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Many thanks. But as of today it break through 100.22 do you think it will rise up to 100.50
Bou_zid
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wise analysis. you can target even 97.50 before switching long. good luck