We've broken bullish on this short term wave while being above the medium term 0.5.
I'm watching for a break of $0.4184.
If we can break it, I don't see the medium term Fib 0.786 at $0.42533 stopping us from entering a new price range.
Pay attention the next 2 hours Bulls!
After the rough sustained sell off to our trend resistance (green wedge below price) We're finally seeing some strong green movement.
So let's do a timer shall we?
I'm going to be conservative and say we're going to form '3 white soldiers' on the hourly with our next green candle forming between our current range and $0.41.
We'll see a 1-2 hour retrace, likely to $0.40 even, before we see continuation.
So I'm going to project a price test of $0.65-$0.75 within the next 5 hours, ASSUMING the next 2 hours form the 3 white soldiers on the hourly.
I'm watching for a break of $0.4184.
If we can break it, I don't see the medium term Fib 0.786 at $0.42533 stopping us from entering a new price range.
Pay attention the next 2 hours Bulls!
After the rough sustained sell off to our trend resistance (green wedge below price) We're finally seeing some strong green movement.
So let's do a timer shall we?
I'm going to be conservative and say we're going to form '3 white soldiers' on the hourly with our next green candle forming between our current range and $0.41.
We'll see a 1-2 hour retrace, likely to $0.40 even, before we see continuation.
So I'm going to project a price test of $0.65-$0.75 within the next 5 hours, ASSUMING the next 2 hours form the 3 white soldiers on the hourly.
Note
We didn't get our 3 white soldiers, so if the trend is going to flip bullish, it could now take up to 10 hours before we see a break higher.That said, every hour we don't break out, is an hour closer to a STRONG +20% correction.
IF we go 11 hours without a break into a new range, I'm 95% certain we're going to see $0.33 again.
YET if we break into a new range, I'm 95% certain we'll NEVER see $0.33 again.
Simply put, the longer it takes Bulls to start pumping the more risky it becomes to hold at these levels..
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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.