So GJ is still under Weekly Resistance (Level 161.800), and we opinionate price will go for one final push up to 161.800 which aligns with 78.60 Fib level taking us to 160.500 as a first take profit target. The other probability is that it does not push up and just starts going bearish from where price is currently at (161.428) and we may this because this is a 61.80 fib level. We're Keeping an eye on both of these two fib levels for a short.
Commentaire:
Edit: The reason 160.500 would be our first take profit is because at this price point a double top pattern would have been completed which you can see on the 4 and 6 hour chart timeframes. This double top pattern is what usually makes price break strong support therefore we could say probability going further down below 160.500 is very probable.
