BATUSD hit targets and bounced, Now What? target Zones plotted
Updated
BAT hit an expected support and bounced, see previous analysis below.
The bounce was exactly from a lower support to higher former support.
Close up looks like a clean 5-wave Impulse, calling for an ABC retrace.
3200-3230 bounce would be very bullish.
3050-3100 bounce would be 'normal' for early in move.
3160-3150 is a mid support (2.236) may well bounce it.
Ideally bulls are eager enough to step in BEFORE .30 round number.
Thus a break of the 3060 line would be of CONCERN or at least less bull.
But a break of the Impulse (fib 1) at 2960 would be DEVASTATING !!
The ABC plot is of course purely a GUESS so path is whatever.
The FIB zones are SOLID, reaction to them is worth observing.
Check out the Fib zone reactions in previous plot below.
Previous Analysis looking for the bounce:
The bounce was exactly from a lower support to higher former support.
Close up looks like a clean 5-wave Impulse, calling for an ABC retrace.
3200-3230 bounce would be very bullish.
3050-3100 bounce would be 'normal' for early in move.
3160-3150 is a mid support (2.236) may well bounce it.
Ideally bulls are eager enough to step in BEFORE .30 round number.
Thus a break of the 3060 line would be of CONCERN or at least less bull.
But a break of the Impulse (fib 1) at 2960 would be DEVASTATING !!
The ABC plot is of course purely a GUESS so path is whatever.
The FIB zones are SOLID, reaction to them is worth observing.
Check out the Fib zone reactions in previous plot below.
Previous Analysis looking for the bounce:
Note
I was wrong about the top for our little bounce. BUT, my targets have NOT really changed and here is why .
Note
FAIL ! in terms of my EW waves, but the Fib zones STILL look good .
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