Updating my chart following new FIB retracement, with a €5500 low (a flash low of €5200).
OK, all my times have been out by an hour. The USA have already gone forward an hour, unlike here in the UK. I've altered my timeline... Looking for a sell-off signal starting at around 6.30am, 14th March; ending around 9am, 16th March (UK time). This is purely a guess based on February's dip. *Plotting Possibles*
The next Futures contracts expire 2.25pm (EST) tomorrow (14th March). If February's low is anything to go by, we can expect a bounce (up to the 78% FIB line + a quick flash up to the yellow trend line), then lower (to the purple trend line), and then a bull-run.
If history repeats itself, DON'T FALL FOR THE BOUNCE... it's going to look like the bulls are back in town when it shoots off the trend line, but wait for a clearer signal.
On my last chart, I forgot the power of the 50% FIB resistance! So, I'm adjusting my sell-off timeline to around 6am - 8am GMT. Once broken: 100% retracement hits the long term trend line. *Plotting Possibles*
This is a gut feeling based on previous sell offs (especially the times they seem to start). Between now, but mainly 4.30pm to 6.30pm GMT I'm predicting the start of a massive sell off (until around 11pm GMT 14th March). The sell off should reach the purple OR even the red line (briefly). **Being wrong is part of the game, but I'm setting really tight rolling stop-losses.
I see a lot of traders saying a break out (upwards) is coming. I'm still seeing indicators of a dump.
Keeping an eye on the long term trend
Hoping for a bounce on the 50% FIB