Disliked{quote} TAH, Yep, point taken. Do you agree regarding retrace to fib levels? Just my take 50% 4hr chart, possibly building longs below whole number. IMO, I find that usually if price breaks 61.8% fibs, signal for possible trend reversal but if not just a retrace. We will see what happens when LC and NY has control!Ignored
Price has not yet reached, let alone broken the 62% retrace level. Should it do so, it means nothing but that it has happened, because we cannot know how price will move next. It might go up or down from there. If you are saying that you usually find it goes on down from there, signalling a trend reversal, it would not be a trend reversal. It would be a continuation of the down trend.
My assessment is that the moves up now are only instigated by the MMs to suck in longs for shorting liquidity, and big banks might be periodically placing new short orders above whatever the current prices are, motivating the MMs to instigate these drives up of the price, in order to get the new short orders filled.