We've seen this descending triangle play out all year and it's stuck to formation. The question is at this point, how well will harmonics play into the direction and support/resistance. The .618 fib, has played out twice this year and looks to be setting up for a 3rd time.
I'm looking at two things..not a bunch of indicators or hype/fud..
1) from the three runs this year, the .618 has been respected.
2) Bearish RSI divergence appeared while in the .618 zone both times.
If this fib is respected, we could have an opportunity to short for a 20% profit from the middle of September (7500 zone) through the middle of October (5k range)
I'm looking at two things..not a bunch of indicators or hype/fud..
1) from the three runs this year, the .618 has been respected.
2) Bearish RSI divergence appeared while in the .618 zone both times.
If this fib is respected, we could have an opportunity to short for a 20% profit from the middle of September (7500 zone) through the middle of October (5k range)
Comment:
We have entered the pink box =)
