Here is what i see on a daily chart...a down trend that consists of a (1,2,3,4) runs & retraces and it already has shown to repeat itself twice.
- Measuring the firs Leg 1&2 with Fibonacci Retrace gives us retrace point at 61-50%, bouncing of an outer trend line.
- Measuring sequence of 1,2,3 with Fibonacci Extension gives us a second run 3&4 at 61% ($2.59), bouncing of support trend line formed by previous pivot.
Second sequence 1,2,3,4 is created, providing us with the same measurements.
-Fib.ret. is at 61-50% + trend line
-Fib.ext. bouncing of 61% ($1.34)
However second pattern is starting to come short on Indicators(drawings).
*Formation of the third pattern sequence is failing to repeat itself.
*RSI shows compression up. To me that is another indication that there is a change in price behavior.
I still believe there is a chance for price to go as low as $1.10-1.05 or somewhere near it. This price is likely to go though compression and consolidation before any significant move in up.
Thank you for reading =)
And happy trading!
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PLEASE NOTE, this is my personal opinion and analysis, non of the information above constitutes any form of investment advise.
- Measuring the firs Leg 1&2 with Fibonacci Retrace gives us retrace point at 61-50%, bouncing of an outer trend line.
- Measuring sequence of 1,2,3 with Fibonacci Extension gives us a second run 3&4 at 61% ($2.59), bouncing of support trend line formed by previous pivot.
Second sequence 1,2,3,4 is created, providing us with the same measurements.
-Fib.ret. is at 61-50% + trend line
-Fib.ext. bouncing of 61% ($1.34)
However second pattern is starting to come short on Indicators(drawings).
*Formation of the third pattern sequence is failing to repeat itself.
*RSI shows compression up. To me that is another indication that there is a change in price behavior.
I still believe there is a chance for price to go as low as $1.10-1.05 or somewhere near it. This price is likely to go though compression and consolidation before any significant move in up.
Thank you for reading =)
And happy trading!
--------------------------------------------------------------------------------
PLEASE NOTE, this is my personal opinion and analysis, non of the information above constitutes any form of investment advise.