recently reached the next major (which is also formed close to MA50 & 0.5 fibonacci levels).
So the question is where it’s heading next?
It’s unlikely that we are going to see enough of today that is required for the continuation with the . This is mainly because it’s Sunday and usually on Sundays there’s less generally.
But, however if we manage to see enough of , then there could be one more push upside reaching the next fibonacci level and the top line of the . This is move would be supported by the yesterday’s close indecision candle – that also indicates continuation.
Nonetheless, the more likely scenario is that the price is going to range or test the previous that can be found near to 0.618 fibonacci level before any new bigger moves happen. So minor pullback should be expected and reaching this peculiar may give fuel for new leg up. Sometimes it’s better to let the market to breathe a bit and watch for possible formations on the chart.
What is notable here is that when this last move to upwards is compared to the previous rallies we can see that the didn’t continue expanding like it did with the previous rallies. When continues expanding it signs for continuation and move higher.
Conclusion:
The market is showing a great amount of indecision mainly because some are pessimistic about the new rallies and others are just too euphoric as they expect unrealistic price targets. Often when the sentiment is divided it leads for the market to range and that’s why we consider it as the most likely scenario.
Trade safely and if you have any questions feel free to ask them down below!
DISCLAIMER:
Please be aware this is not financial advice. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing in anything.
Yarr
Published at Sun, 10 Feb 2019 14:16:46 +0000
