gold tapped a daily POI (orange, was hopeful it would reach closer to the halfway mark)
I missed the initial drop but entered as a continuation RBV.
Highlighted as yellow, after the drop price drifted creating the base, drag a Fibonacci from the high (0%) but using the 50% fib level to roughly mark the equilibrium in the middle of the base area (drop base drop) the fib tool will then project a TP aim at the 100% mark.
As can see price only just exceeded the 100% fib level TP aim (mainly due to liquidity hit from left)
Highlighted in blue shows after the drop base drop with those large candles I was expecting a healthy pull back corrective move (healthy pull backs tend to be slow, fast tend to be a full on reversal)
Took 4 days to reach 50% of the large daily Friday bearish candle.
There was a clean bearish flag/ corrective price channel that broke below yesterday (Thursday 9th)… after ranging all this week from the nice drop on Friday.
So now we have another potential continuation RBV just on a larger scale:
First yellow highlight = drop, start fib at high.
Blue highlight = base, drag fib so 50% is in the middle of the sideways consolidation, the 100% of the fib is then the target.
This is all for the second yellow highlight.
I missed the initial drop but entered as a continuation RBV.
Highlighted as yellow, after the drop price drifted creating the base, drag a Fibonacci from the high (0%) but using the 50% fib level to roughly mark the equilibrium in the middle of the base area (drop base drop) the fib tool will then project a TP aim at the 100% mark.
As can see price only just exceeded the 100% fib level TP aim (mainly due to liquidity hit from left)
Highlighted in blue shows after the drop base drop with those large candles I was expecting a healthy pull back corrective move (healthy pull backs tend to be slow, fast tend to be a full on reversal)
Took 4 days to reach 50% of the large daily Friday bearish candle.
There was a clean bearish flag/ corrective price channel that broke below yesterday (Thursday 9th)… after ranging all this week from the nice drop on Friday.
So now we have another potential continuation RBV just on a larger scale:
First yellow highlight = drop, start fib at high.
Blue highlight = base, drag fib so 50% is in the middle of the sideways consolidation, the 100% of the fib is then the target.
This is all for the second yellow highlight.