Idea from last week has proven to play out so far. had a push lower meaning that the fib 61.8% now sits directly in our res area. Great trade if we can correct enough
Clearly only one direction on GU at the moment. Question remains as to where we enter the sell though. Would back the closest res with that broken channel B&R
Similar to last week although current resistance has proven to be a daily level. Interesting to see if we break now given the small correction we had that go nowhere near the lows.
Ideal scenario highlighted in green here. Drop to the neckline and then look to treed the right shoulder. Also would put the fib lower which would them have the 61.8 directly in that zone.
Would like to see break and retest here to take short term buys to the weekly resistance which hasn’t been fulfilled since breaking. Can clearly see the shift in momentum with the two trend lines.