DislikedOn our way down we did this same consolidation on the weekly. (See chart) We then continued down. I see the same thing now just the opposite way. I believe that 61.8 will be hit to take out all of the sellers in this weeks drop, and get the herd heading long. oh and i have adjusted my tp to 4400 to fall short of the 61.8 fib. Either I'll be correct or be stopped out, the sl is a 100 pip trailer. Not expecting tp till next week, or possibly week after.Ignored
Rule No.1: Never lose money. Rule No.2: Market is always right !