Market just finished 1-5 Elliot wave and ABC correction and we believe it's a finished ABC correction because we have a strong demand zone and we bounced of a 61.8 fib zone which is reversal zone. Entry: 43 Target: 50.67 Invalidation: 40
IP is approaching our first resistance at 49.59 (horiozntal overlap resistance, 38.2%, 50% fibonacci retracement) where a strong drop might occur below this level to our first support at 37.78 (horizontal swing low support). Stochastic (21,5,3) is also approaching resistance where we might be seeing a corresponding drop in price.
IP is approaching our first resistance at 49.59 (horizontal pullback resistance, 50%, 38.2% fiboancci retracement) where a strong drop might occur below this level pushing price to our major support at 37.78 (horizontal swing low support). Stochastic 21,5,3) is also approaching resistance where we might see a corresponding drop in price.