IR continues to print new All Time Highs. We might get a pullback here or soon. Lets see how it reacts at this resistance.
$ 94.84- 95.14 is the immediate resistance. $ 99.90-100.35 will be obviously difficult. $ 73.08- 73.38 the dream long term entry.
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Note
Pullback under way? Just a little dip, but perhaps start of a correction.
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Zoom IN (m15) with some notes: Possible Bull Trap above resistance, Pings confirm our fibs and zone as key, so more confidence in rest of the fibs.
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Zoom in more (m5) and adding a fib on the dip (blue striped) Looks like a decent fit, so go with it for now.
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Zoom out (m15) to look for targets blue 2.618 should offer a little bounce blue 4.236 is most common wave ender, blue 5.236 next likely and is reinforced
Followup to last snapshot: Bounce a little above the first support zone plotted. Now back to chewing on our resistance again. Looks likely to break above, see what US does on Monday.
Followup to last snapshot looking at 3 supports Fell through all of them thanks to Middle East conflict. Some little bounces at first and third plotted supports, but a strong wave down with no signs of slowing yet.
The only clean Ping was on the Genesis fib at $90.73 And the blue strpe fib is probably no good now, must have been a new impulse since first placed.
So retracing the previous blue stripe fib and placing a new one: Much better fitment, and the 5.236 a possible end point.
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SUMMARY: - Middle east conflict hurt all risk assets. - Currently at a possible wave end point. - Expecting a bounce for more clues.
Followup to last snap shot looking for a bounce: We got a very nice bounce indeed, EXACTLY from the 5.236 as expected.
But ALAS Earnings That drop from earnings eliminates our blue stripe fib due to a new impulse. Were it not for the bad earnings, the retrace was done and ready for new highs.
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Zoom in (m1) for a look at the drop and pa since We got a Ping on each fib to confirm both, thick lined 13.706 is a Genesis fib at $86.64, thin lined 16.325 is a local minor fib at $8598.
Such subsequently higher bounces on fibs could mark a bottom. But people say to wait three days after earnings to see result.
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Zoom back out (h4) We are on the edge of a cliff right now. We need a small bounce to slow the fall. If support fails, then watch each fib below.
Impressive Recovery from the earnings dump Hit 1st target, retested it, then hit 2nd target. The dip from 2nd target is a bit worrisome in its vertical-ness. But we got a little bounce on mid support as hoped around $90.
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SUMMARY: - Earnings dump more than recovered - Market dip took this one with the tide. - Currently leaning towards "bottom in"
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