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We got rejected at the heart line of this up trend. Depending on how strong the bulls are we could come down past my PURPLE resistance line and bounce of the .618 fib retracement.
If we do break the purple line expect a trap (yellow)move that falls really quick and then rips to the upside. I have been seeing more trap move on smaller TF. Makes me think that bot trading is high again which means everybody is bullish. This picture is drawn to scale prices but not time...may happen faster but this gives a good idea of a shape:)
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NFA
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We got rejected at the heart line of this up trend. Depending on how strong the bulls are we could come down past my PURPLE resistance line and bounce of the .618 fib retracement.
If we do break the purple line expect a trap (yellow)move that falls really quick and then rips to the upside. I have been seeing more trap move on smaller TF. Makes me think that bot trading is high again which means everybody is bullish. This picture is drawn to scale prices but not time...may happen faster but this gives a good idea of a shape:)
FOLLOW if you want alerts to my calls
NFA
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Comment:
If we look onto the smaller time frames we got the double bottom with no trap. looking to break resistance soon!