It's vital to think of the target before the reversal action takes place. At this point of time as the price reaches 0.618 level there is a chance fix the profits.
As we can see the price is getting closer to resistance downtrend line and here is my thoughts on the circumstance:
If all listed above are false then the use of fractal below is justified.
Right now we still see the growth:
As we can see the price is getting closer to resistance downtrend line and here is my thoughts on the circumstance:
- Price hits the area of resistance and immediately starts the stage of a correction of the growth.
- As it moves down, there is a support zone which will back up the bullish incentive.
- Therefore, a double bottom pattern can be expected.
- In case of breaking below 3500 there is a fib long term support zone, which would reverse the supposed downtrend.
- THE NOTABLE DECLINE from 10550 to 3593.5 is marked as from 0 to 1. In terms of timing we are getting closer to 2, which means that the time took on the decline and the current pullback is equal.
It is also a sine reversal timing. Next reversal time fibs are at 2.618.
If all listed above are false then the use of fractal below is justified.
Right now we still see the growth:
