TA: Buy NG1! only when the formed consolidation zone breaks within (2,596 - 2,724).
From the point of view of wave analysis (a light subjective version), there is a worked-out trend series 1-5, after which a correction after a fall in the form of (A-C) is possible, this idea does not consider the entire A-C wave.
At the end of wave 5, there is a reversal pattern "W" formed by a combination of three minima in this form "W", this pattern/combination can be defined as a reversal (stopping the fall on the 5th wave).
The take level is selected based on the zone created by the three fibonacci tools (attached screen).
The end of wave 5 and the reversal combination occur at 0,5 of the global fibo level (from 1,432 - 3,396). In this case, this level acted as a support.
The local highs of the two RSI indicators are very different from the indicators of the same highs on the chart, which with a low degree of importance can be interpreted as a sign of growth.
Also, an important signal for growth can be considered a breakdown of the downtrend resistance line (attached screen).
Take the level of 2,889.
The risk of stop consolidation on the level of 2,59.
Comment
Screenshot.
3 fibonacci levels, global, local and fibo to determine the price of the take.
1 - Local fibonacci level of 0.5 (2.881). 2 - Fibonacci to determine the price of the day take 1.618 (2.994). 3 - Global fibonacci level of 0.236 (2.933). 4 - Local level of trend resistance.
Green zone, a zone formed by a combination of three Fibonacci levels and defined as a zone for closing a long position.
Comment
24.12.2020 The idea is active until the specified zone is retested again.
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