Update from previous idea:
Fib has played out lovely, i'm glad nobody panicked, we did see a small wick down but that was exactly what I said yesterday, a quick wick to stop traders out and proceed to the upside.
Stop needs to be lower than previous low because if we are bullish we should be making higher lows, we also seen a break of my favourite level in this area at 3838, we NEED to see a retest here and continuation to the upside, if you are not in a trade don't take one until this line has been tested.
upside targets are tricky here there is a lot of resistance, firstly we are approaching the 0.382/0.414 resistance box, but more importantly here the first big spike of volume is at the 3900 level and is showing clear resistance, not only do we have the fib acting as resistance, we also have the volume profile acting as huge resistance.
its going to be a tough battle but so far as long as we hold support we are looking good!
Fib has played out lovely, i'm glad nobody panicked, we did see a small wick down but that was exactly what I said yesterday, a quick wick to stop traders out and proceed to the upside.
Stop needs to be lower than previous low because if we are bullish we should be making higher lows, we also seen a break of my favourite level in this area at 3838, we NEED to see a retest here and continuation to the upside, if you are not in a trade don't take one until this line has been tested.
upside targets are tricky here there is a lot of resistance, firstly we are approaching the 0.382/0.414 resistance box, but more importantly here the first big spike of volume is at the 3900 level and is showing clear resistance, not only do we have the fib acting as resistance, we also have the volume profile acting as huge resistance.
its going to be a tough battle but so far as long as we hold support we are looking good!
