Possible down move, but need to test ST first...OK I'll try again... down we go?
So if you saw my other post(s), after we cleared 235 I realised I got where we were wrong in the pattern - I got out when it hit 235 and have just been waiting on the side lines for my next move, but I'm back in as of next week.
It looks like we are hitting this 260-270 range, and we should be looking to go short really soon.
We're about to hit 0.618 on the fib extension + number of resistance areas + triggers coming up in following trading days.
I think 220 range ideally (hitting 0.5 fib) for this move down (230 would be a safe one though).
Here's an example of some previous uptrends, and you can see the similarities in the structure we're currently looking at.
It can push a little longer along the white resistance line (like at the red arrow + channel example), so this could see it keep trickle up, but we're in the right area at this point IMO, and it could be something coming up on this weeks calendar.
We’ve also got on multiple VWAP anchor periods, we’re firmly in resistance on pretty much every level - If we don’t start dropping out Monday, Tuesday almost undoubtedly? But let’s not focus on time scales.
Whatever the case, there's too much going on around this 260-270 range for it not to ping down, even if for a quick play - could be totally wrong on all this, but I'll do some more updates in the coming week.
Let me know your thoughts.