Price is close to the support line of the Rectangle.
Old rectangle and price has managed to break above and below it without continuing the trend.
This is a very, very steep trend up and I will post the weekly chart below. It is easier to visualize a long steep trend and/or Parabolic Arcs on the weekly timeframe.
Price is above the .382 and even at this level, it seems to be a deep pull back a lot at first glance on the daily timeframe. But in the scheme of things it has not.
If this is an arc, on average they will pull back between the .5 and .786 Fib levels, although from what I have noted as of late it is more like between the .618 and the .786. Some fall further, some less.
No recommendation/Short interest is low at around 1.17%.
Possible M pattern forming but too soon to tell for sure.
Good idea to take a look in the rear view mirror before you make a move.
Old rectangle and price has managed to break above and below it without continuing the trend.
This is a very, very steep trend up and I will post the weekly chart below. It is easier to visualize a long steep trend and/or Parabolic Arcs on the weekly timeframe.
Price is above the .382 and even at this level, it seems to be a deep pull back a lot at first glance on the daily timeframe. But in the scheme of things it has not.
If this is an arc, on average they will pull back between the .5 and .786 Fib levels, although from what I have noted as of late it is more like between the .618 and the .786. Some fall further, some less.
No recommendation/Short interest is low at around 1.17%.
Possible M pattern forming but too soon to tell for sure.
Good idea to take a look in the rear view mirror before you make a move.
Comment:
WEEKLY TIME FRAME