Curve and Fib Analysis Confirms Continuation of the Trend to 46
In this chart, I am confirming the idea I published a few days ago setting a price target for 46. We have been almost there at 44.4, and maybe it would prove wise to have had the profit taken at that stage, yet the analysis shows that the bull has still some breath left.
The current minor trend fits perfectly in an ellipse as shown. This is an indicator that it would end with a relatively major push in one direction. The Fib circles of the medium trend also shows that the price will hit resistance and bounce back to support before the minor trend ends, which is also an indicator of the price moving higher after the ellipse is complete. The fitted curves show the drive upwards is influenced more by the lows rather than the highs, which is expected since we are very near the ATH resistance. Finally, the big FIb arcs are those of the major bullish trend since January, and as we can see, we are approaching a major resistance (261.8%) at 46.
The current minor trend fits perfectly in an ellipse as shown. This is an indicator that it would end with a relatively major push in one direction. The Fib circles of the medium trend also shows that the price will hit resistance and bounce back to support before the minor trend ends, which is also an indicator of the price moving higher after the ellipse is complete. The fitted curves show the drive upwards is influenced more by the lows rather than the highs, which is expected since we are very near the ATH resistance. Finally, the big FIb arcs are those of the major bullish trend since January, and as we can see, we are approaching a major resistance (261.8%) at 46.
