Update from previous idea:
price has played out exactly like predicted on the 1hr time frame, we were hoping to break the 0.5 fib and then push up above the green lines (expecting some resistance) before touching the golden pocket which had our price target of the previous swing high which was perfectly hit.
currently price has pulled back slightly, you can see we are now back to the resistance of the green lines, which were difficult to break through yesterday but we managed it. a retrace is healthy slow and steady up the way is ideal for recovery. again the 05 is holding as key support, we wicked down but couldn't close the candle below which is good but the more we test the more we need to expect lower levels.
SO, currently at a cross roads, the next couple hours will probably decide the direction of the market short-mid term. bullish = hold the 0.5 break through my green lines testing the new price target of 4270 (highlighted in green), taking that from the 0.5 fib would be a lovely 5% trade. bearish = fail to hold the 0.5 dropping down to the 0.414 which has seen resistance and should be support now (Good to have stop loss just below), unfortunately breaking the 0.5 its likely we are coming back to at least the 3838 level.
price has played out exactly like predicted on the 1hr time frame, we were hoping to break the 0.5 fib and then push up above the green lines (expecting some resistance) before touching the golden pocket which had our price target of the previous swing high which was perfectly hit.
currently price has pulled back slightly, you can see we are now back to the resistance of the green lines, which were difficult to break through yesterday but we managed it. a retrace is healthy slow and steady up the way is ideal for recovery. again the 05 is holding as key support, we wicked down but couldn't close the candle below which is good but the more we test the more we need to expect lower levels.
SO, currently at a cross roads, the next couple hours will probably decide the direction of the market short-mid term. bullish = hold the 0.5 break through my green lines testing the new price target of 4270 (highlighted in green), taking that from the 0.5 fib would be a lovely 5% trade. bearish = fail to hold the 0.5 dropping down to the 0.414 which has seen resistance and should be support now (Good to have stop loss just below), unfortunately breaking the 0.5 its likely we are coming back to at least the 3838 level.
