This is the 1 hr chart & as you see here we are coming off a nice Bull run since the 22nd. Using the Fib Retracement tool, it indicates we may see some big movement coming. Typically what happens once you hit the .618 line it's followed by a nice Bullish push in this case upwards of .90+ as we move through Friday morning.
We are also in a wedge pattern as we have already completed 4 out of the 5 Elliott wave points, so the next time we cross over a resistance it should indicate which direction we are headed.
We very well could hit a bearish reversal & be on our way back down to .79 & see a bit of consolidation.
We are also in a wedge pattern as we have already completed 4 out of the 5 Elliott wave points, so the next time we cross over a resistance it should indicate which direction we are headed.
We very well could hit a bearish reversal & be on our way back down to .79 & see a bit of consolidation.
