Crucial Meeting of 7MA & 77MA with Downcycle Fib Retrace, Vol Profile & Upper Trend Line forming trifecta of resistance...
- If price breaks out: high probability of hitting downcycle 0.618 ($31-$32) and bouncing of either downcycle 0.382 or upcycle 0.618 ($27-$28) before trend reverses to upside.
- If rejected: likely see a stop at the zeros ($23.5-$24.5) and possibly even continue as low as upcycle 0.382 near its touch on middle trendline ($21.6) before reversing trend. Chances of a drop to to the 0.236 ($18) is extremely low but not impossible.
My setup for this trade is pretty evenly split with slight favor to a quick move down before smashing up through a few Fib levels.
- If price breaks out: high probability of hitting downcycle 0.618 ($31-$32) and bouncing of either downcycle 0.382 or upcycle 0.618 ($27-$28) before trend reverses to upside.
- If rejected: likely see a stop at the zeros ($23.5-$24.5) and possibly even continue as low as upcycle 0.382 near its touch on middle trendline ($21.6) before reversing trend. Chances of a drop to to the 0.236 ($18) is extremely low but not impossible.
My setup for this trade is pretty evenly split with slight favor to a quick move down before smashing up through a few Fib levels.