Considering the following,
1. For the Fib scale M-N and fib scale L-N, the retracements 61.8(L-N) and 76.4(M-N) coincides almost at the same level. [I prefer 76.4 instead of 78.6. I believe it works better. It's a fibonacci number anyway.]
2. For the ABC corrective wave, the AB part of the wave retraced to 38.2, so I believe BC should extend to -61.8(290.48), which also coincides with the levels mentioned in (1).
3. 281.47 is a key level and cannot be ignored, but I believe it's a high probability that it won't stand.
4. The zone 288.70-291.74 is also a key resistance where all the fib levels mentioned in (1) and (2) lies.
5. MA(50) is also a factor I believe will stop the movement of the market upwards.
I won't take a SHORT position exactly at the zone 288.10-291.74, I would rather wait for an entry reason(s) such as a bearish engulfer or a downward momentum shift, etc.
Sorry, the chart's too messy
Let me know what you guys think.
Thank you
1. For the Fib scale M-N and fib scale L-N, the retracements 61.8(L-N) and 76.4(M-N) coincides almost at the same level. [I prefer 76.4 instead of 78.6. I believe it works better. It's a fibonacci number anyway.]
2. For the ABC corrective wave, the AB part of the wave retraced to 38.2, so I believe BC should extend to -61.8(290.48), which also coincides with the levels mentioned in (1).
3. 281.47 is a key level and cannot be ignored, but I believe it's a high probability that it won't stand.
4. The zone 288.70-291.74 is also a key resistance where all the fib levels mentioned in (1) and (2) lies.
5. MA(50) is also a factor I believe will stop the movement of the market upwards.
I won't take a SHORT position exactly at the zone 288.10-291.74, I would rather wait for an entry reason(s) such as a bearish engulfer or a downward momentum shift, etc.
Sorry, the chart's too messy
Let me know what you guys think.
Thank you
Trade active
I assume there will be a new high for the BC today.The market might test the MA 50, if not 288.70-291.74 resistance zone before continuing the trend downwards.
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.