In my last post I outlined what each of the retracement levels will mean for the market.
A couple days later, some observations from a simple pattern and fib perspective - that 38% fib retracement is begging to be tapped again, after we rejected from the 23%. A wick below the uptrend support to spook the market then bounce? This is a bullish scenario so it also depends on how the Superbowl ads hit, and how the news on the US Government approach to inflation (emergency Monday meeting) and the Ukraine crisis plays out. -so depending on ALL of that- perhaps we see a bullish retracement.
Obviously failure to find support here, that upper to mid
30S range is calling us. The next value range starts at the mid $30s.
A couple days later, some observations from a simple pattern and fib perspective - that 38% fib retracement is begging to be tapped again, after we rejected from the 23%. A wick below the uptrend support to spook the market then bounce? This is a bullish scenario so it also depends on how the Superbowl ads hit, and how the news on the US Government approach to inflation (emergency Monday meeting) and the Ukraine crisis plays out. -so depending on ALL of that- perhaps we see a bullish retracement.
Obviously failure to find support here, that upper to mid
30S range is calling us. The next value range starts at the mid $30s.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.