Looks like we're stuck between two possible patterns.
My outlook is that a break over 4.2K Will complete the IHS and should bring us to 5.23K.
Technical:
Strong fib confluence at 5.23K is show as:
.618 of the large swing & is the same fib as 1.886 of the 3.1K to 4.2K swing.
A break under 3.5K should have us zigzag down to about 2.45K.
Technical:
1.618 of 3.1K to 4.2K ABC swing is 2.45K
This is also the 2.618 of alternate orange 1 and 2 from 4.2K to 3.5K.
My outlook is that a break over 4.2K Will complete the IHS and should bring us to 5.23K.
Technical:
Strong fib confluence at 5.23K is show as:
.618 of the large swing & is the same fib as 1.886 of the 3.1K to 4.2K swing.
A break under 3.5K should have us zigzag down to about 2.45K.
Technical:
1.618 of 3.1K to 4.2K ABC swing is 2.45K
This is also the 2.618 of alternate orange 1 and 2 from 4.2K to 3.5K.
Note
Thinking this is the correct path.Note
two possible outcomes.
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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.