This case is meant to predict the reversal of a trend which started on 02.09.2016.
Reasoning:
- I have set two Fibonacci channels. One red and one purple. The settings are 1 and 0.5. I used the Length A as reference points( purple lines). I copied said length and pasted into the current trend( red lines). My expectation will be for price to reach near the top of the red line.Hence the projection of length A.
- We have a confluence zone where the length of B projected meets Fibonacci-level 76.4%.
Reasoning:
- I have set two Fibonacci channels. One red and one purple. The settings are 1 and 0.5. I used the Length A as reference points( purple lines). I copied said length and pasted into the current trend( red lines). My expectation will be for price to reach near the top of the red line.Hence the projection of length A.
- We have a confluence zone where the length of B projected meets Fibonacci-level 76.4%.