High Trend (Top Red) - Time frame targets are based on the back tested progression decay from previous High-to Low-to High moves. - The high trend line price targets are based on a progression of Fib Extensions back tested by previous moves.
Mid level (Yellow) - Time frame targets are based on the crossing of progressive Fib Extensions and the uptrend resistance line - Price targets are also based off of standard Fib Extensions of previous trend.
Caution Lines (Orange Lines) - Projections of possible lower resistance than expected by High Trend line - Prices are based on 1.272 fib extension levels
Dip Buy Zone (Green) -Buy zones are supported by the bask tested ascending support line of the current up trend.
Gap Down (Dotted Red) - The area between the two dotted lines indicate a possible gap down into down trend
**If there is a trend cross down it can be assumed that the lower support will be tested once the mid-level is confirmed as a resistance **If there is a trend cross up it can be assumed that the upper resistance will be tested once mid-level trend line is confirmed as support
Comment
Channeled down to successfully test $40 demand today.
$43.15-$43.31 supply level is a key break in the short term trend. Failing at this level would indicate a need to reacquire demand at the $39 mark
Trade active
Trade active
approaching entry of yellow line entry
Comment
Considering this, in my opinion we see $53 or $32 by the time march expiration rolls around based off the response of that dotted green line.
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