A trade in which the use of Fibo may not work, and we, knowing this, will be faster than others. The security rose literally from the bottom from the price of $ 2, and rose to the price of $ 7.85 (+ 116%), after which it went into the expected correction, forming the Flag pattern. But few will notice a strong resistance level at the price of $ 6, which the security broke through during its previous growth and tries to gain a foothold higher, making this resistance a support level. If we apply Fibo levels to the ongoing correction, then the paper should adjust lower to $ 4-5, but according to my calculations, the correction will be maximum to the support level of $ 6, (shown by the lilac slab), after which the paper should go up again. The first target of the growth is to reach the price of 12.46 dollars (this is an increase of 106%), after which the following patterns will form, from where we must make a decision to continue or terminate the trade.
Trade active:
First target achieved