Going for third test of lower trendline. Will we get there without a fight? Technically, we sit at a 50 fib retracement. It looks to me that we have fulfilled an ABCD pattern as well. What I find interesting is the .382 fib lining up so close to a resistance level that I mapped by hand (which also just so happens to line up with the CENTER OF THE TRIANGLE! Perhaps this could be a long term level to help with directional bias. Below .382=short? We will see. The lower trendline has been tested hard during previous consolidation. If we break $107.50 level I think we will blow through the .618 and test the lower trend line again.
SIDE NOTE: US 10-year bonds Weekly close below flag pattern.
I just realized that I drew my FIB wrong, but the idea remains the same. I DO NOT PUT MUCH FAITH IN A BOUNCE AFTER ABCD! Price action will tell within the next trading day.
SIDE NOTE: US 10-year bonds Weekly close below flag pattern.
I just realized that I drew my FIB wrong, but the idea remains the same. I DO NOT PUT MUCH FAITH IN A BOUNCE AFTER ABCD! Price action will tell within the next trading day.
