The precision of the confluence between the two fib retracement levels struck me when I was plotting out resistance levels. On that basis I suggest keeping a close eye when price reaches 12,961. A break above would be very bullish but I think it is likely there will be some retracement from near the 12,961 level before the next wave up.
Kommentera
⋅
Also, price is currently coming up against the 38.2% retracement level of the entire move down from the ATH
Kommentera
⋅
*61.8%
Kommentera
⋅
And hey! Here's another fib confluence!
Kommentera
⋅
Broke above the descending trend line (so long as you are not using a log scale), which I see as major progress. The trend line then provided support and price now has some fib confluence to test at ~11,315. Above that and I think we can say we are confidently in wave 3 of the larger impulse, in which case, we might even retest the ATH in the next few months.