This is a complementary of last idea.
As I understand that the market is fractal, the structure 123 of last idea is a smaller fractal of something bigger. In this case I draw the structure ABC in this idea to see where we are. Let me explain.
The price is making support at the 50% of the structure ABC between point B and C. If we draw the fib retracement the price is making support at the 0,618 level.
If this support holds without breaking point B we will see a higher high over point C.
In trading words the price is on its way to target at 1,618 level of fib expansion (still did not broke point C).
On the other side, the break down at point B would be an opportunity to sell with target at 1,618 level of the fib retracement.
Ckeck your information and match it with this idea. Good luck.
As I understand that the market is fractal, the structure 123 of last idea is a smaller fractal of something bigger. In this case I draw the structure ABC in this idea to see where we are. Let me explain.
The price is making support at the 50% of the structure ABC between point B and C. If we draw the fib retracement the price is making support at the 0,618 level.
If this support holds without breaking point B we will see a higher high over point C.
In trading words the price is on its way to target at 1,618 level of fib expansion (still did not broke point C).
On the other side, the break down at point B would be an opportunity to sell with target at 1,618 level of the fib retracement.
Ckeck your information and match it with this idea. Good luck.
