GU just bounced off the green 2.618, perhaps for the last time. 2.618 extensions are like Rooks on a Chess board, always noticed. Steadfast and dependable, if it breaks there is a lot of air below.
Sure it is obvious support even without fib lines to show it. But given the relevance of that line, the others are confirmed. Thus my plotted support zones below, at confluences of Fibs.
Usually in trend continuation moves, a 2.618 retrace is common but bounces to higher highs. Here that exact move was attempted, but was only able to bounce to a lower high as result. Now that we have returned to the 2.618, it will not be anywhere near as supportive this time.
Green 2.236 w/ Red 4.236 is first possible support, prolly not hold. Green 1.618 w/ Red 5.236 is next possible support, should bounce.
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And so here we are, fell off the cliff as expected, hit something hard with barely a bounce
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So here we are at the last possible support
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Closeup of the drop. Notice the reaction at each zone, and with each Red Fib line
i would have also thought 3618 would have also been a resistance line?
EuroMotif
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@testyourskill, Normally, yes.
But in this case it got rejected from a diff tf fib just below (bottom of my green zone around the 3.618), so indicating further weakness
testyourskill
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@EuroMotif, l see what you are saying ( thumbs up)
testyourskill
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l've been watching the chart since you posted and noticed it bouncing off the resistance a few times so l thought you were talking about now lol
EuroMotif
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@testyourskill, oh sorry, was thinking you might have been joking, but some people are not used to TV charts not moving....
testyourskill
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@EuroMotif, no worries lol.. l put a trade on it and won the trade :-)
testyourskill
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lol it doesn't want to fall
EuroMotif
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@testyourskill, chart is not playing live yet cuz I posted too recently.
It as fallen alright, and live chart will show it in a few minutes