Trend Based Fibonacci Extension – (Feb 22 Low to Feb 23 Hi to Feb 24 Retrace) – (1) – exactly onto Feb 20 Trading Range – Very Important
Trend Based Fibonacci Extension – (Feb 22 Low to Feb 23 Hi to Feb 24 Retrace) – (4.236) – exactly onto Apr 05 Hi – Objective Reached (Note A)
Fibonacci Retracement – (Dec-28 Hi to Feb-22 Low) – (50 – 61.8) - Objective Reached.
Check 1.414 Extension (Thick Black Horizontal Line Above) – Beautiful Fit to price reference in the past
Fibonacci Retracement – (Jan-09 Low to Feb-22 Low) – (1.414 Extension) – Objective Reached AND matches (Note A) level
Lower Black Horizontal line is a Feb 20 trading range and serves as a lower price reference line
There are also thin black horizontal lines indicating Fibs from the past
Observe Death Cross October 2016 and desperate attempt to prop up price (observe how it matches Feb 20117 range)
Observe current Moving Averages – 50 dipping towards 100, gap no longer within “MA channel”
I could continue but better not
Bottom Line – Higher prices are possible but prudent observer/trader should wait for brake through 0.5 of Fibonacci Retracement – (Dec-28 Hi to Feb-22 Low)
In such trade – target 0.618 – around 3.432
I am neutral but bearish post April 13 Hi – Exhaustion
I was prompted to look into this by observing Bager's post on gas. Bager has a good eyeball, nevertheless King Menes may find this helpful
www.tradingview.com/chart/a9vUysDt/
Trend Based Fibonacci Extension – (Feb 22 Low to Feb 23 Hi to Feb 24 Retrace) – (4.236) – exactly onto Apr 05 Hi – Objective Reached (Note A)
Fibonacci Retracement – (Dec-28 Hi to Feb-22 Low) – (50 – 61.8) - Objective Reached.
Check 1.414 Extension (Thick Black Horizontal Line Above) – Beautiful Fit to price reference in the past
Fibonacci Retracement – (Jan-09 Low to Feb-22 Low) – (1.414 Extension) – Objective Reached AND matches (Note A) level
Lower Black Horizontal line is a Feb 20 trading range and serves as a lower price reference line
There are also thin black horizontal lines indicating Fibs from the past
Observe Death Cross October 2016 and desperate attempt to prop up price (observe how it matches Feb 20117 range)
Observe current Moving Averages – 50 dipping towards 100, gap no longer within “MA channel”
I could continue but better not
Bottom Line – Higher prices are possible but prudent observer/trader should wait for brake through 0.5 of Fibonacci Retracement – (Dec-28 Hi to Feb-22 Low)
In such trade – target 0.618 – around 3.432
I am neutral but bearish post April 13 Hi – Exhaustion
I was prompted to look into this by observing Bager's post on gas. Bager has a good eyeball, nevertheless King Menes may find this helpful
www.tradingview.com/chart/a9vUysDt/
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Clap slap is locally known as dandruff sandwich. Move up through 3.160 experienced just that. Expect further weakness towards 3.060
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