How to read this chart:
3 Fibs
Orange Fib: Short term daily measuring the ABC wave structure
Blue Fib: Medium term daily measuring the last wave 4-5 retracments
Red Fib: Long Term daily structure measuring the full 1-5 wave structure
Personally I am looking to short this retest of the neckline of the double top on the daily (Orange 0.618 retracement) and look to trade lower to the around $24 (Red 0.382 retracement & Blue 0.5 retracement). From here look to create some form of double bottom, trade to the highs of $34 again then trade lower again creating this nice Large distribution range, which we will probably trade in for about 1 Year.
3 Fibs
Orange Fib: Short term daily measuring the ABC wave structure
Blue Fib: Medium term daily measuring the last wave 4-5 retracments
Red Fib: Long Term daily structure measuring the full 1-5 wave structure
Personally I am looking to short this retest of the neckline of the double top on the daily (Orange 0.618 retracement) and look to trade lower to the around $24 (Red 0.382 retracement & Blue 0.5 retracement). From here look to create some form of double bottom, trade to the highs of $34 again then trade lower again creating this nice Large distribution range, which we will probably trade in for about 1 Year.