SCR has completed a significant correction, reaching a key Fibonacci support zone around 0.342. The chart shows a deep retracement, hinting at a potential reversal from this level.
🔹 Fibonacci Levels – The current support aligns closely with the 0.618 Fibonacci retracement level at 0.927, which is often considered a strong reversal point after a correction.
🔹 Potential Upside Targets:
0.786 (1.283) – First significant resistance if the bounce occurs.
0.886 (1.556) – A stronger resistance level that could act as a potential profit-taking zone.
1.0 (1.940) – Recovery to previous highs and the key psychological level.
1.236 (3.062) – Extension target after breaking the previous high.
1.618 (6.410) – Ultimate bullish target in case of a full trend reversal.
🚀 Scenario Analysis
* Bullish Reversal (70%): Price holds support, starts a rally towards 1.283, then 1.556, and beyond.
* Further Breakdown (30%): Price fails to hold 0.342, leading to deeper corrections towards 0.280 or lower.
Let's see if bulls can maintain the critical support or if bears push for a deeper correction! 💥
🔹 Fibonacci Levels – The current support aligns closely with the 0.618 Fibonacci retracement level at 0.927, which is often considered a strong reversal point after a correction.
🔹 Potential Upside Targets:
0.786 (1.283) – First significant resistance if the bounce occurs.
0.886 (1.556) – A stronger resistance level that could act as a potential profit-taking zone.
1.0 (1.940) – Recovery to previous highs and the key psychological level.
1.236 (3.062) – Extension target after breaking the previous high.
1.618 (6.410) – Ultimate bullish target in case of a full trend reversal.
🚀 Scenario Analysis
* Bullish Reversal (70%): Price holds support, starts a rally towards 1.283, then 1.556, and beyond.
* Further Breakdown (30%): Price fails to hold 0.342, leading to deeper corrections towards 0.280 or lower.
Let's see if bulls can maintain the critical support or if bears push for a deeper correction! 💥
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.
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.