Trend Analysis based on Fib Speed Resistance Fan
This idea is based in the Fibonacci Speed Resistance Fan for trend lines.
As could be seen in the chart, the current down trend (B-C) breakout the previous uptrend (A-B) 61.8% Fibonacci speed resistance.
On the other side, the down trend line (B-C) is still below its own 38.6% its Fibonacci speed resistance, which makes me believe the down trend will continue.
Take profit will be between 50%- 61.8 retracement of the up trend line (A-B).
As could be seen in the chart, the current down trend (B-C) breakout the previous uptrend (A-B) 61.8% Fibonacci speed resistance.
On the other side, the down trend line (B-C) is still below its own 38.6% its Fibonacci speed resistance, which makes me believe the down trend will continue.
Take profit will be between 50%- 61.8 retracement of the up trend line (A-B).