In my last update I gave you the fib golden pocket as resistance, and said that if we broke it we had high probabilities of pushing to the weekly.
We ended up forming a range below the fib golden pocket, swing failure patterned the lows then pumped straight to the weekly which is also the high of this range that we have been in for almost 3 weeks now.
For this reason the break of this range will be major.
Right now PA is similar to when we were below the fib golden pocket : we are forming a range between the daily and the weekly.
If we break the range to the downside 1st target is the fib golden pocket which acted as resistance twice before being broken (so 49-50k area)
If we break to the upside, I expect a move to our next big level (57-58K) as we don't have much resistance anywhere else.
Any questions?
Good luck traders
Remember not to break your rules
Habib
We ended up forming a range below the fib golden pocket, swing failure patterned the lows then pumped straight to the weekly which is also the high of this range that we have been in for almost 3 weeks now.
For this reason the break of this range will be major.
Right now PA is similar to when we were below the fib golden pocket : we are forming a range between the daily and the weekly.
If we break the range to the downside 1st target is the fib golden pocket which acted as resistance twice before being broken (so 49-50k area)
If we break to the upside, I expect a move to our next big level (57-58K) as we don't have much resistance anywhere else.
Any questions?
Good luck traders
Remember not to break your rules
Habib
