US30 done with up move? is correction on the cards ?
I am taking example of up move from 1987 to 2000. High made at end of 2007 was near 1.27% of base impulse move. Fibonacci extension of 1.27% or 1.23% is extremely important.
Currently high made by price is at exact 1.27% extension of up move from 2009 bottom to 2015 top. That means we are at important price point in long term trend as we are analyzing the monthly chart. after making top of 2007 price retraced to earlier top and then went down till 50% of impulse move. If we consider history repeats then we may visit earlier top and then deeper retracement in future. I have marked possible levels where price may take support.
Time also needs to reach at turning point along with price to make such big and important move. In case of 2007 move we can see that time was at 1.61% and in current situation time is at 1.38%.
We will have to wait and see how price and time responds.
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