Quick plot to study the behavior based on a weekend gap. This gap could be an "Impulse" which results in "Ripples". Or it could be just a minor book-keeping event after all.
Most gaps are attempted to be filled as we know. Of interest is the reaction (if any) to each fib line. Partial fills are noteworthy as to which percentage.
1.618 - 1.236 band may prevent closure of gap. 0.382 - 0.618 band should have maximum energy. 2.236 - 2.618 should be max stretch before retrace.
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See some of my other Forex calls below. I also plot Crypto and some Stocks, check my Profile Page.
(caught most of the spike) (Perfect entry, still in play) (Upthrust warning just in time) (Fib extensions at work) (recent perfect entries) (recent perfect entries) (the very tippy-top a year ago) (almost at a long term target now)
Of course, I have had total FAILS on some plots also, not going to pretend. But my plans offer PRECISE entries, TIGHT stops, and EXACT take profits. Precision is the way of the Fib. Almost every turn happens at a Fib Line.
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Kommentera
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As expected, the 2.618 was hit exactly, and pulling back not sure if Gap fill will be attempted now (currently in UK session) or might be approached for now and attempted in NY session.
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Kommentera
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So there came the attempt to close the Gap failed for now, but notice the exact kiss of the .236 of the gap...