From the previous cycle's ATH and ATL following that, drawing a fib up for the next cycle has proven to have 2 fibs that are highly contested - the 1.618 & 1.272
In 2013, the first wave found resistance around the 1.618, and found support around the 1.272.
In 2017, the first wave went to the 1.414, found support at the 1.272, rose to the 1.618, found support at the 1.414, then continued up.
Now, more clear than ever, have we found resistance at the 1.618 , and found support at the 1.272 .
Each cycle wicks above and below these contested fibs, so seeing 30k again isn't off the table; however, if history were to repeat itself, that would mean we've found the support that past cycles proved to lead us to a blow off top.
Just a thought... There's plenty of reasons for it to go down as well... This is no claim that I'm right or that you're wrong...
In 2013, the first wave found resistance around the 1.618, and found support around the 1.272.
In 2017, the first wave went to the 1.414, found support at the 1.272, rose to the 1.618, found support at the 1.414, then continued up.
Now, more clear than ever, have we found resistance at the 1.618 , and found support at the 1.272 .
Each cycle wicks above and below these contested fibs, so seeing 30k again isn't off the table; however, if history were to repeat itself, that would mean we've found the support that past cycles proved to lead us to a blow off top.
Just a thought... There's plenty of reasons for it to go down as well... This is no claim that I'm right or that you're wrong...
Trade closed: target reached:
Retested the bottom channel a couple more times - currently just breached 50k - no clear trajectory at the moment
