*for the chart above, please ignore the price scale. That is just a text book example.
At Daily time frame, if price can break below the blue box area (refer to the chart below), then I'm thinking it's going to be an impulsive wave (5 legs) which means more downside to go and it will not be a zigzag pattern at smaller time frame.
I'm doing some observations on using fibonacci pivot as the only Support & Resistance to trade with candle stick. This is what I can see:
Red = monthly pivots
Blue = weekly pivots
Black = daily pivots
It seems quite reliable .
Does anyone knows the real correlation of fibonacci pivots with Crude Oil? What about correlation of Crude Oil with other types of...
At CL1!, price is entering a strong supply zone, marked by the top red rectangle box. It is a strong zone because this is Daily time frame. The long black candle marked by the red arrow is a proof that we are in the strong supply zone. Retailers must be careful because this is the place where the banks will play us out by hunting our stop losses. We don't know...
