Update from previous idea:
yet again support has proved to hold perfectly, anyone who was watching this chart when price was dropping did not panic, actually got the perfect entry on a trade to the upside hitting the bottom of my support box before bouncing nicely to the upside.
only thing I have changed now is taken a new fib retrace from the high that we made yesterday, looking now at hitting the 0.5 fib retrace as we have broke and seeing consolidation at the golden pocket, thick green line is the previous high so will tend to see some volume here
looking to hold 0.618 need to flip as support but this is normal first line of support on the fib, worst case is a touch at the 0.236, ideally we want to hold the 0.5, which just happens to be at the bottom of my support box which is nice.
totally forgot about my favourite retracement level at the 0.414/0.382, I don't actually want to see a test of this level because it will flip us short term bearish making a lower low. Lets just hold the 0.5 and keep this bullish momentum.
yet again support has proved to hold perfectly, anyone who was watching this chart when price was dropping did not panic, actually got the perfect entry on a trade to the upside hitting the bottom of my support box before bouncing nicely to the upside.
only thing I have changed now is taken a new fib retrace from the high that we made yesterday, looking now at hitting the 0.5 fib retrace as we have broke and seeing consolidation at the golden pocket, thick green line is the previous high so will tend to see some volume here
looking to hold 0.618 need to flip as support but this is normal first line of support on the fib, worst case is a touch at the 0.236, ideally we want to hold the 0.5, which just happens to be at the bottom of my support box which is nice.
totally forgot about my favourite retracement level at the 0.414/0.382, I don't actually want to see a test of this level because it will flip us short term bearish making a lower low. Lets just hold the 0.5 and keep this bullish momentum.
