- 4 Fibonacci Retracements have constructed the blue box ranging from 12652 - 10307 (Uppermost 50% level - Lowermost 50% level)
- tool for a long term trend with 4 channels
- Triangle for most recent downtrend
- for and 2.5 standard deviation range
- An important level of support exists in the 50% fib zone. I have made this my buy zone. If price dips below this buffer zone, I'll start considering other options.
- The further price action is retained within the triangle to a maximum of 5 weeks, the more explosive the price movement will be to either side of the break.
- is showing me a short term level of resistance as well as a short term level of support (bottom channel)
- show us that price action is already out to 2.5 standard deviations on the low side. The next few days will be important to look for higher or lower lows (Relative price positioning to the lower band - Not absolute low).
The Area within the green lines is the price playground for 37 days. Price may snap one of these resistance lines, but the degree to which the movement will persist is dependent on the time price has squeezed within.