SPX enters the key area for its nearest future as the price came up to 0.764 fib ret of the last downward move and the 1.618 extension of the AB leg in the potential structure pattern. Look for the signs of weakness on 1H chart (divergence on RSI or price channel breakout) it may be goog risk reward short trade with stops above 2120 and potential targets...
There is a one-to-one bull flag completion at the 1.618 extension of the move. The .6720-.6740 level has acted as resistance. Price could potential reject this level again. Watch the price action. Good luck trading boys and girls.
Using divergence , Stochastic bearish this time, a temporary short position has lined up on the 4 hour time frame on EUR/GBP. Price has given an inside bar below resistance and the 1.618 Fibonacci extension level . Targets may be placed at previous support where price could go to.
I'm looking for price retrace around 121.90 to get long. There is a 1.618 Fib Ext completion, a strong price movement from that level, and a one-to-one movement from the swing high. This also correlates with a 50% fib retrace on the Daily and some Renko support as well. Good luck trading.
Picture is best description :) short somewhere on 1200 (notice - this is ROUND LEVEL!) SL above 1206 - 1208 TP1 - 1190, TP2 - 1184, TP3 - 1180 (fibo levels)
If you are seeking the answer why has the SPX500 stopped at this strange area and stucked, I got the answer :) The golden number is a key this time as almost always in technical analysis. This two lines corresponds with 1.618 of two different market moves: 2120 is the level of 1.618 extension of the previous bull run ended in late 2007 2072 is the level of 1.618...
As mentioned yesterday, the pair closed above the BC leg, and i am now looking for a harmonic move up into the 1.618 fib.ext. That area is also a previous battleground between the bulls and the bears. Stops on this is above the 1.618 and im looking for a target at previous resistance at the 1.27fib.ext (C)
Since this pair closed above the 1.27ext of the X-A leg, i think there is a good chance that we see a rally up into the 1.618 of the X-A leg. The 1.618 also lines up with previous resistance.
On the monthly chart, the US Dollar Index has soared without a pull back since May 2014 leaving questions for a possible future retracement. Approaching the 1.618 Fibonacci extension (~101) and previous key resistance at 103 is a price region where the effect on price action behaviour will be of significant interest from a technical perspective to witness a...