interesting confluence at the grey arrow. Week-long ascending resistance line meets local ascending wedge at a perfect apex. High probability of a move at either this time or this price action.
I think we need to revisit lower levels before a bigger move up. That said, go ahead and place a buy above the 200 EMA just in case of a bull run, take some profits quick and get ready to buy more on a retest, with a stop loss below.
Measure twice, cut once.
May all of life's treasures be yours.
Please engage with my charts if you appreciate my ideas. I value all your interaction and feedback!
I think we need to revisit lower levels before a bigger move up. That said, go ahead and place a buy above the 200 EMA just in case of a bull run, take some profits quick and get ready to buy more on a retest, with a stop loss below.
Measure twice, cut once.
May all of life's treasures be yours.
Please engage with my charts if you appreciate my ideas. I value all your interaction and feedback!
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Soooooo...I wasn't expecting that target for a couple more days, but here we are. That could easily be an extended wave 4; we didn't overlap wave 1. Or, the move to 6650 today could have been all wave 5 had to offer and now we are at A of an ABC correction down.
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It looks like this move up was wave 5, which was a perfect 1.618 fib extension of wave 4 down. We can now expect an ABC correction down. Then 6930.
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It appears point A of my anticipated ABC retrace was met within a couple dollars. Either that was just temporary support and we reach deeper, or we are on our way up in a wave B now.