Considering FIBO, after retrenchment from 23%, now stock is reached near to double of 1st wave.
From 1.61 it was retraced but now reached to level 2 - Price 1611
Let's see will it be fall from here, and 1611 will be resistance or not.
This is only Education post, do your analysis before any investment.
1. Running in Channel (Green Color)
2. 1st Fibo at 78%
2. 2nd Fibo at 38%
3. 3rd Fibo near to 38% - Let see where it will move.. Take support from it or move to touch bottom side of channel
Education Chart only.
1. Fibo Retrenchment from exactly from 78%
2. Moving within Parallel line
3. Middle Line will be work as resistance in current time frame
Note: This is just only education purpose, not for any other.