Where is FB heading?
Based on price action formation Fib 38.6 held forming double bottom and price closed strong last week with high volume forming good reversal.
If the bullish trend continues we can expect next 3 months price to rally towards short-term target Fib extn 127.2 to longer-term Fib extn 161.8
Forming nice ABCD harmonic pattern (in formation) note...
Breakout trade setup.
Nice base formed if it breaks out possibility of retest of daily trend line.
1. Wait for breakout,
2. Retest of trend breakout or retrace. Enter the retrace
3. Stops has to go below the base around 1.46470s
4. Trade dual lot, take first profit at r1 and move stop. Manage your trade from there on.
note: This is assumption...
Higher time frame, weekly shows up trend
Daily did not close below previous low (1.44258) this analysis will be void if candle close below this level
Cypher pattern based entry,wait for retrace
TP 2 calculated based on Fib extension XC leg