ARM eyes on $103.xx: Key resistance to determine trend direction
Updated
This is a follow up to my $90 entry call (click).
After a considerable retrace we have a bounce.
The bounce is at a significant and key resistance.
What happens here could determine the next trend.
Immediate resistance zone is $103.14 to $103.82
Break above should run to golden fib at $117.36
Rejection could drop to golden below at $73.57
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After a considerable retrace we have a bounce.
The bounce is at a significant and key resistance.
What happens here could determine the next trend.
Immediate resistance zone is $103.14 to $103.82
Break above should run to golden fib at $117.36
Rejection could drop to golden below at $73.57
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Note
Earnings Dump thru our key zone Zoom in (m1)
Currently stuck under the dual fib zone,
with continued PIngs on all of our fibs,
so we can remain confident in all of them.
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SUMMARY
- Earnings disappointed and broke below our zone
- Currently looking like more bearish action coming
- Watching major fib for hopeful support at $100.63
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Note
Picture Perfect flip-jobThat completely changes the picture, lets see if it holds.
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Note
Nice break and pop to Golden fibZoom in (m5)
The earnings dip was quickly reclaimed,
and then stair-stepping nicely up the fibs,
but now at a possible local top (wave end).
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Zoom in more (m1)
And we see how fibs become MORE accurate with time,
every human/algo/indi has recorded the reactions,
so what happens here will say a lot to a lot of people.
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SUMMARY:
- Strong bounce showing sustainability
- Currently etching golden fib into memories.
- Very possible to see a pullback from here.
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Note
We got the pullback from 117.36 as expected at last update First a bull trap spike above the golden,
then a sharp drop to ensnare late longs.
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Zoom OUT (h2) with some zones and notes:
That is now a MAJOR resistance zone $117-120
Currently testing a Minor support at $109-111
Likely to fall to Semi-Major support at 103.xx
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SUMMARY:
- Bounce pulling back from EXACTLY where plotted.
- Currently at a Minor support, may fall to next one.
- Expecting a few days of consolidation for near term.
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Note
Still chewing on our "Major Resistance"Zoom in (m15)
Many PIngs on that fib at 117.36,
so the entire world is watching this.
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Zoom in more (m1)
Looks about to break that fib,
but will be tough going from here,
next barrier is the 2.618 at 120.46
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Note
"Major Resistance" broken:Zoom in (m1)
Break and Retest of our zone is in progress,
but bulls probably missed their "best" chance,
the Ping on 2.618 at 120.46 was ideal launch.
Not to say bulls are done, just will be harder.
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