A beginners perspective
In My previous idea I had my purple support dashed-line wrongly positioned, so this idea is partly a correction on that. nevertheless, the consolidation took long enough for me to realize my mistake.
Many are calling the current formation a bull flag, but I am not convinced we will rally from here. I actually expect before end of today to see a pull back to a range between $7500 (fib .5) - $7300 (fib .382) before we could look out for a possible rise to fib 1.272 at around $8600.
Also, I would like to see that we don't break down the red dashed line which would add confidence to go bull again on the predicted retracement levels.
Many are calling the current formation a bull flag, but I am not convinced we will rally from here. I actually expect before end of today to see a pull back to a range between $7500 (fib .5) - $7300 (fib .382) before we could look out for a possible rise to fib 1.272 at around $8600.
Also, I would like to see that we don't break down the red dashed line which would add confidence to go bull again on the predicted retracement levels.
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