Nearing a significant resistance around $188. Expecting a pullback but the market is strong. At the least we should get some sideways action.
$ 187.49 - 188.98 is the immediate resistance of interest. $ 197.94 - 199.63 is next major resistance and maybe top. $ 181.95 - 182.39 is first good support that bulls must hold.
Follow up to last update, we got a good dip Dip was a Sister-to-Sister pass amongst Covid fibs (dashed). The bounce has run into local purple fib at $184.58 Next jump is sizeable, so will need plenty of fuel first.
Serious dip to end the week Middle East turmoil sent market into Risk-Off mode with massive selling of tech stocks.
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Zoom in (m8) for a closer look at the drop Dashed fibs are the "Covid Stimulus" wave, one of which caused local top at $188.98, and its sister tried to catch it at $182.39.
And the next one did not stand a chance
So we find the "Impulse" that occurred atnear the top and put a Red Fib Series on it:
Looking below a bit: We should have decent support around 171. $170.86 - 171.83 is the exact zone of interest.
Expecing a little bounce on Monday, and then continuation to our support, then we will see how strong bears are.
Zoom in (m5) with some notes added: Ignoring the quick round trip as it was reset exactly to the fib. We got a "Loud" Ping on 174.78 which marked the local bottom. Then the price "stitched" the $182 zone into good support.
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SUMMARY: - The retrace is about to get filled. - Quick dip on news got erased exactly. - We should have decent support at $182.
Testing our Resistance again: 187.xx proving to be stronger than anticipated. Break should be explosive, or we have topped. Bullish while our "stitched" support at 182 holds.
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