Short term price target: 13284.50
That is where wave (3) of the intermediate impulse and wave 5 of the minute impulse meet.
Expect it to stay above the yellow dotted line until then.
If it goes closes below the 0.5 fib level of 11968.00 (rounded down) on the 4H chart that would invalidate the current intermediate impulse wave.
Pay attention to how the fib retracement levels for minute 3rd wave align with the events regarding the yellow dotted line (center line of the channel):
If that pattern holds, resistance at 1.272 should align with the top of the channel, as shown on the chart.
That is where wave (3) of the intermediate impulse and wave 5 of the minute impulse meet.
Expect it to stay above the yellow dotted line until then.
If it goes closes below the 0.5 fib level of 11968.00 (rounded down) on the 4H chart that would invalidate the current intermediate impulse wave.
Pay attention to how the fib retracement levels for minute 3rd wave align with the events regarding the yellow dotted line (center line of the channel):
- Resistance at 0.382 aligns with resistance at the yellow line.
Resistance at 0.500 aligns with resistance at the yellow line.
Support at 0.618 aligns with support at the yellow line.
Resistance at 1.000 aligns with resistance at the blue line (top of channel).
If that pattern holds, resistance at 1.272 should align with the top of the channel, as shown on the chart.
Trade closed: stop reached:
The key price of 11968.00 was breached, and the bottom of the channel is no longer a support level, invalidating the Intermediate Impulse Wave.
