Specifically the Fibonacci .62 retrace of the last leg up provided only brief support yesterday afternoon and there has been an important overlap of a previous high.
1 month chart
click to enlarge
That overlap negates the possibility of this pullback being a corrective 4th wave to be followed by a 5th wave to new highs.
In the current structure the risk is much higher now that the move up to 49.36 was part of a larger corrective structure and counter trend medium term. Testing the 40 low and even exceeding it are now definite possibilities.
1 yr chart
click to enlarge
Very short term bounces can be expected of course. Here the Fib .382 is sitting on the 4th wave of lesser degree and that 50% retrace point really looks like an area that can be revisited.
No trading advise here friends purely bs
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