At Monthly Fib Resistance with 1,2240 as Target of ABCD
Price has reached the 38,2 fib resistance of the large 2002-2008
bearwave. Considering that a recent bullish kumobreak is in play
along with strong bullish momentum, shown by the faster CD
leg in the AB=CD pattern, may put in question any respect
of this level (1,1775). Also 1,1625, the 61,8 of CD leg was
breached without hesitation, points to a completion of the
ABCD pattern at 1,2240. If price starts to retrace from the
1,1775 level, a natural support is found by the 1,1630 level.
bearwave. Considering that a recent bullish kumobreak is in play
along with strong bullish momentum, shown by the faster CD
leg in the AB=CD pattern, may put in question any respect
of this level (1,1775). Also 1,1625, the 61,8 of CD leg was
breached without hesitation, points to a completion of the
ABCD pattern at 1,2240. If price starts to retrace from the
1,1775 level, a natural support is found by the 1,1630 level.