Building on previous chart. Fibonacci downswing retrace is now 78.6%, for the 2019 descending triangle.
- Each orange vertical line, shows a CME date that was preceded by a bounce
- The price then drops all the way back down to test the lower trendline
Note
The size of the spike in CME volume may have caused the price to overshoot the triangle slightly.
After a double top in the 4100 to 4200 area, I would expect some pullback.
Note
After wicking to the 3900 area, we should start moving down now to the lower trendline.Note
The retraces seems to be currently 90% and 78.6%:
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.