No apologies for those who like clean charts *winks*... I have a bad memory; I need visual reminders in the form of lines, rectangles and ellipses among others.
Fib78.6 retracement resistance of previous impulse wave down has been tested and rejected weeks ago but so has the Fib50 support recently. This week's value at Fib 61.8 is rather crucial as to whether I continue to stay bullish in an overall bearish biased environment (note that we are bullish on the current retracement happening since the last week of March hitherto, in the higher TF environment). If close is strong above the Fib61.8, I believe it will go test Fib78.6 again. Please see comments in chart above.
Part 2 will be how I see and plan to trade the lower TF. TBC!
Cheers to the weekend!
Fib78.6 retracement resistance of previous impulse wave down has been tested and rejected weeks ago but so has the Fib50 support recently. This week's value at Fib 61.8 is rather crucial as to whether I continue to stay bullish in an overall bearish biased environment (note that we are bullish on the current retracement happening since the last week of March hitherto, in the higher TF environment). If close is strong above the Fib61.8, I believe it will go test Fib78.6 again. Please see comments in chart above.
Part 2 will be how I see and plan to trade the lower TF. TBC!
Cheers to the weekend!
