As predicted the market slammed down last week -
and has now bounced as predicted at a fib entry that correlated perfectly with last months point of control (POC) -
So how about this coming week? We are currently sitting right at this week and months POC. It is also sitting on a highs to highs 50% fib level. If am expecting us to move higher and test new highs and potentially move to the nearest target at 105.24. Notice that we also went higher from this area last week.
Alternatively we can move down a bit more and test the lower edge of value and full 50% retrace at the 103.85 area. If we do not bounce at 103.75 area we will likely break down completely and push new lows for the month.
Market profile: gyazo.com/c77ca9af55...164723dc7497efa7e914
Notice the complete lack of volume/time spent at the 103.75 area . It should provide hard support or we easily test 103.
So how about this coming week? We are currently sitting right at this week and months POC. It is also sitting on a highs to highs 50% fib level. If am expecting us to move higher and test new highs and potentially move to the nearest target at 105.24. Notice that we also went higher from this area last week.
Alternatively we can move down a bit more and test the lower edge of value and full 50% retrace at the 103.85 area. If we do not bounce at 103.75 area we will likely break down completely and push new lows for the month.
Market profile: gyazo.com/c77ca9af55...164723dc7497efa7e914
Notice the complete lack of volume/time spent at the 103.75 area . It should provide hard support or we easily test 103.