we have seen some pretty bullish moves from ethanol today on the larger timeframes even though it seems like we have not moved today.
I have a very strong level of support/resistance at 3537, we broke that early this morning and came down to test it 3 times before as I am writing this breaking back down below this level. I really don't like this short term, I think a decent drop is incoming, hopefully through the night and can wake up to recovery.
I have taken a fib from the last point of consolidation which I think is relevant for short term pullback anyway. I have pinpointed targets to hit. I think if we get down to my bottom target around 3305, then we will be seeing a quick drop to the previous swing high as previously mentioned at around 3160. that seems extremely bearish but I think it is actually very healthy and it's not going to happen in the same day I think we will have plenty of notice on the indicators to see this drop happening.
I am currently in a long position I am going to slowly buy my price down through the night and wait for the relief rally from a notice low, I suspect back up to around the 3537 mark I mentioned before.
I have a very strong level of support/resistance at 3537, we broke that early this morning and came down to test it 3 times before as I am writing this breaking back down below this level. I really don't like this short term, I think a decent drop is incoming, hopefully through the night and can wake up to recovery.
I have taken a fib from the last point of consolidation which I think is relevant for short term pullback anyway. I have pinpointed targets to hit. I think if we get down to my bottom target around 3305, then we will be seeing a quick drop to the previous swing high as previously mentioned at around 3160. that seems extremely bearish but I think it is actually very healthy and it's not going to happen in the same day I think we will have plenty of notice on the indicators to see this drop happening.
I am currently in a long position I am going to slowly buy my price down through the night and wait for the relief rally from a notice low, I suspect back up to around the 3537 mark I mentioned before.
