Resistance to be tested, Bulls shouldn't lose memory of this S/R being extremely volatile. take profits if you can. REACTION. NOT PREDICTION. By chart, I am a Bull longterm with longs to hold. Will layer with ETF and scalp with lots until sequence is over.
XAUUSD (wait for 1841 break and re-test).
Just a point out that we are bouncing on 200 sma and people would buy this level being that the last quick drop was followed with a bull rally off the 200 day as well. I've placed a retracemnt to show that we are toeing the line of the 272 fib and I want to see us break that barrier.
Falling wedge to break out 2k come back to us.
FIB target of 94 yet to break. A break would signal 1920. bouncing off 886 here at 86 is good sign for bull extension. Entry on 94 break would be textbook fib work. Low volume week made trading complicated but we go into next week with optimism. -HOOP
I've seen people place retracements in interesting ways and just want to show an objective way to place your retracements. You need a top, a bottom, and a corrective wave or reversal that you are analyzing. Now, fibs are everywhere and you can place them however works best for you and there is no ONE way, but this is for people who want to approach learning...