In my previous analysis, I suggested that the selling opportunity at the trendline and area of resistance may have been to good to be true and we'd have a possible break out.
Currently, the market has broken out of the trend and is about to retest the area, which is also the midline of the overextended W that formed. I will be looking for longs on this retest with a target at the next area of resistance a little above my -0.618 zone. An example of what Im looking for is drawn in the bottom right.
Previous analysis linked below.
Currently, the market has broken out of the trend and is about to retest the area, which is also the midline of the overextended W that formed. I will be looking for longs on this retest with a target at the next area of resistance a little above my -0.618 zone. An example of what Im looking for is drawn in the bottom right.
Previous analysis linked below.
Note
Trade closed: target reached
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.