COST heads up at $783: major resistance, maybe "a" or "the" Top?
Updated
This is a followup to my previous $783 call (click).
We expected $783 for bull target.
We suspected $783 as maybe a top.
We've butted up against it just now.
Lets see if we get some clues here.
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We expected $783 for bull target.
We suspected $783 as maybe a top.
We've butted up against it just now.
Lets see if we get some clues here.
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Trade active
BOOMFell exactly from our resistance into first possible support.
$730 support is the strongest ledge north of golden fib at $633.70
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Zoom in (m5) with some notes added:
That support zone is made of 3 different fibs from 3 different time frames.
Like plywood, the tight cluster-of-3 fibs is stronger than each one times 3.
Each fib is confirmed by the price reaction, adding confidence to all others.
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Zoom back out (h4) leaving the Covid fibs thick for visuals:
Next 3 supports below are from the Covid stimulus fibs in confluence with local fibs.
The fourth support is key, a confluence of all three fibs including a Golden Genesis.
Strong bull trend would hold our first support, lets see.
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Note
First support broke and we just hit the Second zone around $700Zoom in (m1)
and we have a PING on top boundary fib.
"Ping"=exact ricochet from fib that you can almost HEAR.
Rule="Not all Pings start a Reversal, but Most reversals Start with a Ping"
I do NOT expect a reversal here,
but the PING confirms that fib,
so we can count on the rest.
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Note
From above, $704.09 gave us a pretty good bounce but coming back down:Zoom in (m30) and adding a fib for the second push down:
Blue-stripe fib is newly added,
and such fibs often end at the 4.236,
so we have first guess of $685.08 for now.
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