Possible Short or Long position
Daily is in an uptrend broke and moving up for a retest
4 hr Fib pulls back to 61 has not hit -61 yet
1 hr Fib pulls back to 23 continuation
two possible outcomes
outcome 1
it could continue past -27 and go for the long position breaking the previous resistance line and
go up to -61 to the daily trend line
outcome 2
stops at -27 and reverses down to previous resistance turning it into support
WAIT to see if it will break the resistance line or start going down
4 hr Fib pulls back to 61 has not hit -61 yet
1 hr Fib pulls back to 23 continuation
two possible outcomes
outcome 1
it could continue past -27 and go for the long position breaking the previous resistance line and
go up to -61 to the daily trend line
outcome 2
stops at -27 and reverses down to previous resistance turning it into support
WAIT to see if it will break the resistance line or start going down
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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.
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.