Hi Guys,
As of this writing the US !00 is at a potential area where we may get opportunity for LTF sell setups with opportunity to buy into a dip thereafter. Price is currently at the 3.0 fib retracement of the two points that form the channel that Ive drawn. Within the channel the clear impulsive trend move which is more obvious on a weekly timeframe is A to B to C, which result in a 0.618 fib trend based extension at this current price level. Lastly the third fib level is a 2.0 retracement of the latest pullback/consolidation from 23/5 to 31/5, which is pretty much at this current price level. Often the breach of the upper channel line can lead to a pullback back within the channel and a strong move back out of it or a deeper correction. I think in this case if there is some form of pullback from this level it will be very minor and we will see a more forceful move back up.
The 4 hr RSI is showing divergence heading into this area.
In saying all this the chart has printed a 4 hr double bottom breakout so we may just smash through this level like so many others before and continue on our merry way up.
Will need to see a solid bearish pattern on 15 min or 1 hour to enter short around this level though and focus will be to add long position at any of the demand zones below.
Safe trading all
As of this writing the US !00 is at a potential area where we may get opportunity for LTF sell setups with opportunity to buy into a dip thereafter. Price is currently at the 3.0 fib retracement of the two points that form the channel that Ive drawn. Within the channel the clear impulsive trend move which is more obvious on a weekly timeframe is A to B to C, which result in a 0.618 fib trend based extension at this current price level. Lastly the third fib level is a 2.0 retracement of the latest pullback/consolidation from 23/5 to 31/5, which is pretty much at this current price level. Often the breach of the upper channel line can lead to a pullback back within the channel and a strong move back out of it or a deeper correction. I think in this case if there is some form of pullback from this level it will be very minor and we will see a more forceful move back up.
The 4 hr RSI is showing divergence heading into this area.
In saying all this the chart has printed a 4 hr double bottom breakout so we may just smash through this level like so many others before and continue on our merry way up.
Will need to see a solid bearish pattern on 15 min or 1 hour to enter short around this level though and focus will be to add long position at any of the demand zones below.
Safe trading all
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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.