Update from previous idea:
Looking at a few possible scenarios playing out here, first of all the bearish play would be the M pattern forming on the 1hr/4hr chart, we have held this line of support extremely well so far, looking for a volume bounce which we had the previous 2 tests however we have not seen the volume come in off of this line. we are in the weekend and also at the neckline of this M so it could take a couple more hours to either break to the upside or break my support liner and crash to the downside.
if we crash to the downside my targets are as noted on the screen (short term). I will be looking at the 0.414 and 0.382 as initial support levels, these fib retracements have been amazing for my analysis recently and work on bigger timeframes as well. failing this the target would be the previous swing low which is right at my 0.236 price target. forming a large double bottom and hopefully bouncing back to the upside.
if we see a bounce here then we should break the neckline of the M invalidating it, pumping up to the golden pocket of my fib around 4680, from there we will be looking to close the CME at 4720, hopefully setting us up for a positive Monday and bullish start to the week.
Things to look for:
- Break the neckline of M pattern and bullish retest level
- Close CME gap at 2725
- break below my trend line confirming M pattern
- test fib retrace and prev swing low at 4456
Looking at a few possible scenarios playing out here, first of all the bearish play would be the M pattern forming on the 1hr/4hr chart, we have held this line of support extremely well so far, looking for a volume bounce which we had the previous 2 tests however we have not seen the volume come in off of this line. we are in the weekend and also at the neckline of this M so it could take a couple more hours to either break to the upside or break my support liner and crash to the downside.
if we crash to the downside my targets are as noted on the screen (short term). I will be looking at the 0.414 and 0.382 as initial support levels, these fib retracements have been amazing for my analysis recently and work on bigger timeframes as well. failing this the target would be the previous swing low which is right at my 0.236 price target. forming a large double bottom and hopefully bouncing back to the upside.
if we see a bounce here then we should break the neckline of the M invalidating it, pumping up to the golden pocket of my fib around 4680, from there we will be looking to close the CME at 4720, hopefully setting us up for a positive Monday and bullish start to the week.
Things to look for:
- Break the neckline of M pattern and bullish retest level
- Close CME gap at 2725
- break below my trend line confirming M pattern
- test fib retrace and prev swing low at 4456
