Fib Analysis & Head n shoulder pattern : Potential Long
Looking at chart with technical point of view , lets start analysing Previous swing 03 may / 17 june .
Swing low is based on 1.25 price zone from where we observed pull back which was restricted to 0.38 retracement where it has found strong resistance ,
Analysing wave from swing low to 0.38 retracement : Adding fib ratio to smaller 0.382 retracement wave we can see that price has found strong support @ 0.618 retracement and currently sitting at decision point ,
There is potential head and shoulder formation forming in chart , along with fib ratio our case of potential long opportunity becomes stronger,
We are long continuation from here towards 1.28 zone , with good expectation that price may move above 0.38 retracement and continue higher , In case price breaks below we will looking sell with target 1.25 which is 100% retracement of current leg.
Swing low is based on 1.25 price zone from where we observed pull back which was restricted to 0.38 retracement where it has found strong resistance ,
Analysing wave from swing low to 0.38 retracement : Adding fib ratio to smaller 0.382 retracement wave we can see that price has found strong support @ 0.618 retracement and currently sitting at decision point ,
There is potential head and shoulder formation forming in chart , along with fib ratio our case of potential long opportunity becomes stronger,
We are long continuation from here towards 1.28 zone , with good expectation that price may move above 0.38 retracement and continue higher , In case price breaks below we will looking sell with target 1.25 which is 100% retracement of current leg.
Note
as anticipated on break below our target hit @ 1.25 ,
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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.