Sunday chart
First i did the basic ACW fib strategy on the daily for possible bullish and bearish scenarios. I marked off possible retracement levels for bullish (green lines) and bearish (red lines).
bearish: it looks like a giant double top could possibly be forming on the daily chart. with a downside target of 2866.47, which lines up closely with a gap at 2863.50(pink line)
price seems to be moving in a possible downward channel. if price continues in this channel, i will be monitoring how it reacts to the 70.20% and 78.60 % of the fib. if it bounces off these levels and happens to break out of this channel, we could start looking for longs, using good strategies and multiple confluences.
First i did the basic ACW fib strategy on the daily for possible bullish and bearish scenarios. I marked off possible retracement levels for bullish (green lines) and bearish (red lines).
bearish: it looks like a giant double top could possibly be forming on the daily chart. with a downside target of 2866.47, which lines up closely with a gap at 2863.50(pink line)
price seems to be moving in a possible downward channel. if price continues in this channel, i will be monitoring how it reacts to the 70.20% and 78.60 % of the fib. if it bounces off these levels and happens to break out of this channel, we could start looking for longs, using good strategies and multiple confluences.