The weekly chart shows good thrust down then a retracement to about fibonacci 0.382 retracement level within 3 candles. This is the setup for a Joe DiNapoli 'Bread & Butter' trade as described in his book DiNapoli Levels: The Practical Application of Fibonacci Analysis to Investment Markets
The price target for this type of trade is the 0.618 fib retracement of the upswing so around 154.8 As it is a weekly pattern any positions should be taken from entries at lower timeframes.
Amateur analysis for my own use. Don't trade what I see, trade what you see.
The price target for this type of trade is the 0.618 fib retracement of the upswing so around 154.8 As it is a weekly pattern any positions should be taken from entries at lower timeframes.
Amateur analysis for my own use. Don't trade what I see, trade what you see.
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Well, it kept us guessing for a while then broke up decisively early in March. Failed trade.
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Vincent
Vincent