I believe should we reach this area, it should offer resistance at a minimum,
potential for reversal for pullback. Would be looking for a move down towards
area of largest "B". There will likely be a bullish shark setup at this area (this
would be the "C" point if not mistaken. I will be watching this for just that reason.
Regardless of whether the potential short is desired at PRZ, it should serve as an
alert of likely resistance and possible long exits for re-entry later at a (hopefully)
lower price point.
Note that I anticipate a failure to reach the AB=CD for the largest ABC. I find that failures
tend to occur very close to the .50, .786, .886 alternate projection fibs. In this case,
the .786 is tightly confluent with the smaller measures.
potential for reversal for pullback. Would be looking for a move down towards
area of largest "B". There will likely be a bullish shark setup at this area (this
would be the "C" point if not mistaken. I will be watching this for just that reason.
Regardless of whether the potential short is desired at PRZ, it should serve as an
alert of likely resistance and possible long exits for re-entry later at a (hopefully)
lower price point.
Note that I anticipate a failure to reach the AB=CD for the largest ABC. I find that failures
tend to occur very close to the .50, .786, .886 alternate projection fibs. In this case,
the .786 is tightly confluent with the smaller measures.