On the monthly we are still in a current fib sequence.
There was a shallow retracement to the 23.6 and price stalled at the 1.27 D extension.
Typically, we could see a deeper retracement atleast to the monthly 38.2.
If price holds resistance and swing high is formed at current 61.8 retracement level on down fib, I believe we could see price drop another ~615 pips to reach monthly 38.2,
Price will need to break last low of .71000 for this to happen.
There was a shallow retracement to the 23.6 and price stalled at the 1.27 D extension.
Typically, we could see a deeper retracement atleast to the monthly 38.2.
If price holds resistance and swing high is formed at current 61.8 retracement level on down fib, I believe we could see price drop another ~615 pips to reach monthly 38.2,
Price will need to break last low of .71000 for this to happen.
Note
It looks like price is finishing a flat.I anticipate price to move up ~100 to 150 pips before a selling opportunity is presented.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.