I'm using a 30 minute price chart here to better see the price action around the 3% fib level. It also makes the Bull Flag clearer.
Notice the 50% pullback. While not a Fib level, 50% is a common retracement level. See how price tagged it and then moved higher? Now price is skimming along the 38% fib. With the Bollinger Bands contracting, expect a strong breakout. In which direction? The odds are to the upside as this looks like a bull flag (excuse my crude drawing).
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Disclaimer: This post is for educational purposes only. Trading is at your own risk.
Notice the 50% pullback. While not a Fib level, 50% is a common retracement level. See how price tagged it and then moved higher? Now price is skimming along the 38% fib. With the Bollinger Bands contracting, expect a strong breakout. In which direction? The odds are to the upside as this looks like a bull flag (excuse my crude drawing).
If you like this post, please click the Like button, tell your friends, and re-Tweet!
Disclaimer: This post is for educational purposes only. Trading is at your own risk.
