On the fibonacci front, one of the main cycles of interest for intraday traders is on this 4hr chart, while price slowly works its way down to the 61.8 fib (chart #1).
But there’s another important cycle in play on this 1hr chart (chart #2), using last week’s low / high. It shows where price gravitates to, stalls, maybe forms a bear flag, then eventually moves on.
I also put pivots on chart #2. Today’s high was at the DPP, and the low near S2. Price is currently trading near S1. So they’re also important areas of support and resistance.
But there’s another important cycle in play on this 1hr chart (chart #2), using last week’s low / high. It shows where price gravitates to, stalls, maybe forms a bear flag, then eventually moves on.
I also put pivots on chart #2. Today’s high was at the DPP, and the low near S2. Price is currently trading near S1. So they’re also important areas of support and resistance.