2nd Target Hit...what now?
Hi Guys,
our 2nd target just got hit and it is doing a good job at keeping the price from going further up. It is a confluence of several resistances as you cans see on the graph.
In my opinion at this point anything can happen.
It can break up because of some fundamental, collapse because of overbought conditions
Or, my preferred one and best long term situation, a consolidation on a raising triangle as shown on the graph followed by a break to the upside. Maybe even a slightly bigger retracement to the .38 fibo.
come on guys, let us create some food for the brain and open a discussion! what do you think and most importantly why? NO wrong opinions!
Remember only the witch from the east knows what will happen!
all the best and trade safe
our 2nd target just got hit and it is doing a good job at keeping the price from going further up. It is a confluence of several resistances as you cans see on the graph.
In my opinion at this point anything can happen.
It can break up because of some fundamental, collapse because of overbought conditions
Or, my preferred one and best long term situation, a consolidation on a raising triangle as shown on the graph followed by a break to the upside. Maybe even a slightly bigger retracement to the .38 fibo.
come on guys, let us create some food for the brain and open a discussion! what do you think and most importantly why? NO wrong opinions!
Remember only the witch from the east knows what will happen!
all the best and trade safe