Another idea worth considering (end game scenario)
Fib pull from the top to the bottom of this move:
A strong rejection off of the 0.5 fib is considered to be a dead cat bounce. In this case, the price was not accepted back above and therefor further down side (below 0) is quite possibly on the line.
Check Morpheus, showing us the perfect setup for a short.
A key support / resistance flip level for me would be the 3810 area (give or take a few dollars). Lose that and it's mayhem.
A strong rejection off of the 0.5 fib is considered to be a dead cat bounce. In this case, the price was not accepted back above and therefor further down side (below 0) is quite possibly on the line.
Check Morpheus, showing us the perfect setup for a short.
A key support / resistance flip level for me would be the 3810 area (give or take a few dollars). Lose that and it's mayhem.
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.