As you can see we've been consolidating for some time between the .618 and .5 Fibonacci levels.
The weekly 9 MA appears to be rolling over insinuating the potential for more downside, and likely scenario of a death cross 9/20.
Waiting for a weekly close below the .618 level in order to validate the potential of targeting the .764 level.
Will look to short a backtest of .618 following the breakdown, and will utilize a 4 hour chart to determine entry.
Good luck and Cheers,
Mayo
The weekly 9 MA appears to be rolling over insinuating the potential for more downside, and likely scenario of a death cross 9/20.
Waiting for a weekly close below the .618 level in order to validate the potential of targeting the .764 level.
Will look to short a backtest of .618 following the breakdown, and will utilize a 4 hour chart to determine entry.
Good luck and Cheers,
Mayo
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.