This is a long idea for CELO on a lower time frame, more immediate trade setup.
Sorry for the mess with so many lines but I love it when the fibonacci levels line up nicely with historical price action and vice versa of particular importance here Id say is magging fib for the leg down we see, I can see price travelling back to the 0.5 and 0.618 lines quite comfortably (targets beyond that would need to be managed sensibly, maybe with trailing stop losses.
So yes, the first option would be to long here, with stops below the swing low here. The horizontal resistance is of most importance, but I drew on the diagonal (almost like a neckline) because I thought it was interesting that it was there, and also that the diagonal resistance is going to possibly be where the horizontal resistance aligns when price action crosses, gettting a double whammy.
The second option for a long and stops here is to wait patiently for the break and then to simply long the restest of the horizontal resistance as support.
Sorry for the mess with so many lines but I love it when the fibonacci levels line up nicely with historical price action and vice versa of particular importance here Id say is magging fib for the leg down we see, I can see price travelling back to the 0.5 and 0.618 lines quite comfortably (targets beyond that would need to be managed sensibly, maybe with trailing stop losses.
So yes, the first option would be to long here, with stops below the swing low here. The horizontal resistance is of most importance, but I drew on the diagonal (almost like a neckline) because I thought it was interesting that it was there, and also that the diagonal resistance is going to possibly be where the horizontal resistance aligns when price action crosses, gettting a double whammy.
The second option for a long and stops here is to wait patiently for the break and then to simply long the restest of the horizontal resistance as support.