STX - Long and Short Setups

Using Fibonacci extensions, if we are currently accumulating at these lows, we could see the following bullish and bearish moves.


Bullish scenario
A move above the 0.618 Fibonacci ratio ($3.067) would again create a structurally higher high and potentially set up moves to the higher key levels.


Bearish scenario
Failure to break about this current high or break about the 0.618 Fibonacci ratio (red lines) could result in a move back towards the lows.