More like the measured move down pattern, this chart above clearly show the 1, 2, 3 and 4 move to the down side.
This is very easy to spot on any price chart, the fibonacci extension ratios are used only.
Number 2 is the most important levels here as it tends to hold price when price is moving down, so for price to complete its move to reach 4 it must break through 2 and close below it. The height of from 1 down to 2, is used to measure the extending move to the down side pointing at ratio 1 on the fib. What should all trader look out for?
The first thing is the fluctuation level at 2(where price will likely settle down before the move move to the down side. Below are the levels to be considered:
Breakdown level:$1445.921
Support 1: $1435.460
Support 2: $1424.559
Support 3: $1409.557
Good luck to everyone! Click the follow button to stay tuned for more trading ideas! Like the idea? Hit the like button!
Ideas published should not be referred to as an investment advice.
This is very easy to spot on any price chart, the fibonacci extension ratios are used only.
Number 2 is the most important levels here as it tends to hold price when price is moving down, so for price to complete its move to reach 4 it must break through 2 and close below it. The height of from 1 down to 2, is used to measure the extending move to the down side pointing at ratio 1 on the fib. What should all trader look out for?
The first thing is the fluctuation level at 2(where price will likely settle down before the move move to the down side. Below are the levels to be considered:
Breakdown level:$1445.921
Support 1: $1435.460
Support 2: $1424.559
Support 3: $1409.557
Good luck to everyone! Click the follow button to stay tuned for more trading ideas! Like the idea? Hit the like button!
Ideas published should not be referred to as an investment advice.
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.