WEEKLY:
- continuation to the upside
- anticipating a possible sell from the trendline + the 71-78% fib level.
- pair could spike to the 88% /100% fib level and the resistance key level of 64.750 before a sell off
DAILY:
- there is a key level at 60.750 which also falls in line with the 61.8% fib level. this region (blue zone) may act as a resistance prior to the downward mvnt
- i am still favouring a spike to the 71% fib level as the market will most likely tap the trendline in order to gain more sellers before moving to the downside
OIL = NB for all CAD pairs (xxxCAD + CADxxx).
Short trade = invalid if:
- weekly closure above the descending trendline (black)
- continuation to the upside
- anticipating a possible sell from the trendline + the 71-78% fib level.
- pair could spike to the 88% /100% fib level and the resistance key level of 64.750 before a sell off
DAILY:
- there is a key level at 60.750 which also falls in line with the 61.8% fib level. this region (blue zone) may act as a resistance prior to the downward mvnt
- i am still favouring a spike to the 71% fib level as the market will most likely tap the trendline in order to gain more sellers before moving to the downside
OIL = NB for all CAD pairs (xxxCAD + CADxxx).
Short trade = invalid if:
- weekly closure above the descending trendline (black)