Taking a look at the weekly time frame, we can see the prior two weeks contracting movement forming a pennant pattern with last weeks candle being an inside candle. This is after reaching a new all time high while fulfilling the 2.382 Fibonacci extension. With that being said next week I will look for a breakout in either direction. If we go lower I believe it will be a quick pullback to retest Jan"s highs or the 200% extension level. If we break higher be prepared to take this higher, with the current bullish momentum I am not going to attempt at calling a top yet, and just trade what is given. Above are my higher targets which i believe atleast one of will be met before the end of the year.
Commentaire:
Show this chart to anyone who questions if FIBS work as S/R levels
Hope this analysis helped someone!