here is an example of a fib "retrace" and "extension" drawn with 2 fibs. one from the top of the last big blowoff (liquidity peak) down to ATL (liquidity peak) And a second one from the point of major sentiment turn, to the ATL. The 4 hour looks bullish, and this could be a decent trade setup, but watching 5 min time frame im not convinced. it looks week.
I am not convinced of this run. It looks like it could fall at any moment. And right now looks poised to retest 241 again. If that happens I imagine all hope will be lost and we bleed back into previous range. Or lots of people buy the dip, and a) we go back up and continue with increasing volume. b) we begin a quicker trip down, squeezing the longs.