Yesterday i noticed a strong confluence of support at 6165.
6165 happens to be the .618 fib of previous bounce from 5.7k
6165 also acted as support because of the previous trendline resistance highlighted by the magenta, which now is confirmed support.
6165 also correspond another supportive trendline from previous bottom.
Using the same angle of bottom TL we can duplicate and create a channel which is based off a previous support that now has turned to resistance.
Needless to say, i would be very surprised to see the market dump through 6k at this point before we see further bounce. Likely even to 7.3 - 7.7k.
Target remains 7k for now, with expected retrace from where we will reevaluate.
6165 happens to be the .618 fib of previous bounce from 5.7k
6165 also acted as support because of the previous trendline resistance highlighted by the magenta, which now is confirmed support.
6165 also correspond another supportive trendline from previous bottom.
Using the same angle of bottom TL we can duplicate and create a channel which is based off a previous support that now has turned to resistance.
Needless to say, i would be very surprised to see the market dump through 6k at this point before we see further bounce. Likely even to 7.3 - 7.7k.
Target remains 7k for now, with expected retrace from where we will reevaluate.
Comment:
Looking good.
At this point it seems more likely .382 fib will be taken out in a strong volume push and .618 fib will be the target, with expected 38.2% retrace before 7k.
At this point it seems more likely .382 fib will be taken out in a strong volume push and .618 fib will be the target, with expected 38.2% retrace before 7k.
Comment:
Weekly bulldiv, this gonna be good.
Trade closed: target reached:
GG, thanks for playing.
This idea is invalidated at once market goes below 6k.