Update from previous idea:
Yesterday we spoke about the new fib and the ideal scenario would be to consolidate at these levels, so far that is what we have seen.
I think we are going to breakout by Monday we are hitting a solid level of resistance making higher highs (slightly) and higher lows, finding a lot of resistance around the 0.5 fib, also around the volume profile level so this is a huge resistance box here for price.
As I said yesterday the CME gap is 4062 so that is right in line with price right now, the CME gap is something that gets hit basically every time and if not on the Monday expect price to come back down and hit that level.
so that is ideal really we are looking good here and just need to watch for a break to the upside or downside breaking out of this ascending triangle. I have drawn a green line and that is my price target of a breakout it also has been a strong level of support previously so would be definitely a good spot to take profits.
Yesterday we spoke about the new fib and the ideal scenario would be to consolidate at these levels, so far that is what we have seen.
I think we are going to breakout by Monday we are hitting a solid level of resistance making higher highs (slightly) and higher lows, finding a lot of resistance around the 0.5 fib, also around the volume profile level so this is a huge resistance box here for price.
As I said yesterday the CME gap is 4062 so that is right in line with price right now, the CME gap is something that gets hit basically every time and if not on the Monday expect price to come back down and hit that level.
so that is ideal really we are looking good here and just need to watch for a break to the upside or downside breaking out of this ascending triangle. I have drawn a green line and that is my price target of a breakout it also has been a strong level of support previously so would be definitely a good spot to take profits.
